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Employees’ Provident Fund (EPF) is a savings scheme that has been launched by the Employees' Provident Fund Organization (EPFO), one of the largest social security organizations in the world, under the authority of the Labor and Employment Ministry, Government of India. This scheme offers various benefits to the employee during the time of retirement from any organization.
EPF is a program under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under this scheme, an employee has to contribute a certain amount of money and the equal amount of money must also be paid by the employer. At the time of retirement, the employee receives a lump sum amount of money which includes self and contribution of the employer with interest on both. Presently, the employee and employer need to contribute 12 percent of the basic salary and dearness allowance of the employee towards EPF. At present, the rate of interest on EPF deposits is 8.50 percent per annum.
Benefits of Employees’ Provident Fund scheme
There are different benefits of registering under the EPF scheme which is as follows:
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