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The Employees' Provident Fund

When you retire from your job, your salary stops, but your expenses don't. In fact, the cost of living and expenses rises after retirement. So, if you want to ensure that your daily expenses are taken care of and that your lifestyle is maintained as before, a good retirement corpus is absolutely necessary.

Nidhimehra
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The Employees' Provident Fund

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  1. The Employees' Provident Fund

  2. The Employee Provident Fund (EPF) is a scheme that helps people save up a sufficient corpus for retirement. The plan was introduced with the Employees' Provident Funds Act in 1952 managed by the Employees' Provident Fund Organisation (EPFO).

  3. In this an employee has to contribute 12% of their basic income towards the fund every month. Companies with a minimum of 20 employees must maintain EPF accounts for their employees. Some companies with fewer than 20 employees also adopt the EPF scheme.

  4. EPF Tax Benefits EPF investment comes under the category of Exempt, Exempt, Exempt (EEE) with regards to tax, means No tax is applicable on the amount of money you invest, the interest you earn or the amount you withdraw at the end of its maturity.

  5. EPF Withdrawal When you become 58 years old, you can extract 100% of your EPF corpus. In addition, the EPF Act also allows you to withdraw 90% of the corpus one year before retirement (provided that you are not less than 54 years old).

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