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Employees pension scheme - Employees Provident Fund & Miscellaneous Provision Act(1952), Industrial Video Lecture | Industrial Laws - B Com
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FAQs on Employees pension scheme - Employees Provident Fund & Miscellaneous Provision Act(1952), Industrial Video Lecture - Industrial Laws - B Com
| 1. What is the Employees' Provident Fund (EPF)? |  |
Ans. The Employees' Provident Fund (EPF) is a social security scheme established under the Employees' Provident Fund & Miscellaneous Provision Act (1952). It is a compulsory savings scheme for employees in India, wherein a portion of their salary is deducted and contributed towards the EPF. This fund is designed to provide financial security and stability to employees after their retirement.
| 2. How does the Employees' Provident Fund (EPF) work? | |
Ans. The EPF is a contributory scheme, where both the employee and employer contribute a fixed percentage of the employee's salary to the EPF account. The employee's contribution is deducted from their salary, and the employer matches the contribution. The accumulated funds in the EPF account earn interest, and the employee can withdraw the amount at retirement or in certain specified circumstances, such as purchasing a house or medical emergencies.
| 3. What are the benefits of the Employees' Provident Fund (EPF) scheme? | |
Ans. The EPF scheme offers several benefits to employees. Firstly, it acts as a retirement savings plan, ensuring financial security after retirement. Secondly, it helps in building long-term savings, as the accumulated amount earns interest over time. Moreover, the EPF scheme provides financial assistance in times of need, such as medical emergencies or purchasing a house. Lastly, the contributions towards EPF are eligible for tax benefits under certain conditions.
| 4. How can I check my EPF balance online? | |
Ans. To check your EPF balance online, you can visit the official website of the Employees' Provident Fund Organisation (EPFO) and follow the steps mentioned for online balance inquiry. You will need to provide your EPF account number, which can be obtained from your employer, along with other required details. Alternatively, you can also download the EPFO mobile app and check your EPF balance through it.
| 5. Can I withdraw my EPF funds before retirement? | |
Ans. Yes, you can withdraw your EPF funds before retirement under certain circumstances. The EPF scheme allows partial withdrawals for specific purposes such as higher education, marriage, house construction, or medical emergencies. However, there are certain conditions and limits on the amount that can be withdrawn. It is advisable to consult the EPFO guidelines or your employer for detailed information on the withdrawal process and eligibility criteria.
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Dec 23, 2024 Last updated |
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