INSUBCONTINENT EXCLUSIVE:
Employees' Provident Fund Organization (EPFO) is the nodal agency that monitors EPF contributions.Employees' Provident Fund or EPF is a
mandatory contribution from the salary of an individual that every organisation with more than 20 employees has to deduct
Employees' Provident Fund Organization (EPFO) is the nodal agency that monitors EPF contributions
In an EPF account, the employee contributes 12 per cent of his or her salary (basic wages, dearness allowance and retaining allowance)
members of EPFO get an interest rate of 8.65 per cent on their Employees' Provident Fund (EPF) deposit
contributions made to an EPF account.2
The claim is then forwarded to the employer for approval
Once approved, the amount is credited to the subscriber's account within 10 days, according to the EPFO.3
Partial withdrawal from EPF accounts is allowed for purchase/construction of house, repayment of loan, non-receipt of wage for two months,
marriage of self/daughter/son/brother, for medical treatment of family members etc, according to EPF website.4
EPFO allows 100 per cent withdrawal - or full withdrawal - in case the subscriber is unemployed for two months.5
The nomination details can also be submitted through the retirement fund body's website
In the event of a subscriber's death, only the nominated members can withdraw the EPF savings
Subscribers can nominate more than one person, and also fix the percentage for each nominee.Get Breaking news, live coverage, and Latest
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