Indian Government have approved a rule, recognized as the Employee provident Fund plan, as said by which together the worker and the company contributes by 12% of their salary, DA and retaining payment to the fund, each month. This fund gets extra to the employee’s EPF account (Employee Provident Fund) and the entire amount is particular to him throughout a variety of occasions for example retirement, medical expenditures, housing costs, family obligations, education of children or personal, paying insurance policies and all that.
The employee split ends up paying to his EPF every month although the interest rate on his asset is planned in the months of March/April each year. The practical interest rate gets fixed by the ruling Government of India in consultation with Central board of trustees and other concerned members. The EPF fund amount increases every year with the interest sum and deposited amount.
EPF – Employee Provident Fund
Checking EPF Fund Status
The concerned department passes a statement of EPF account to the contributing employees. The statement contains all the necessary informations such as the opening balance, amount contributed in the current financial year, total interest amount earned in the current year, withdrawn amount from the fund (if applicable) etc.
Withdrawing EPF Funds
EPF fund has been designed to help employees with some financial benefits upon his retirement. One contributing employee can withdraw his deposited amount completely, once he retires from his service at the age of 55 years.
However, there are few options and ways where the employee can withdraw EPF fundsbefore retirement. One can withdraw any amount of up to 90% of the accrued amount if she is or more than 54 years old. On the other hand, one member is entitled to withdraw the full amount if (i) he leaves India and settles abroad or (ii) member retires from his job before reaching the 55 years age limit or (iii) if a person retires because of mental infirmity or in case of individual or mass retrenchment.
If you had applied for EPF fund withdrawal, you can check your application status here.
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