PF EPS EDLI : Provident Funds Malayalam, PENSION SCHEME MALAYALAM, Insurance Scheme, harrysLifeTip

Описание: Provident Funds Malayalam

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Scheme is provided by the Employees' Provident Fund Organization (EPFO)

The Employees’ Provident Funds Scheme, 1952
EMPLOYEE'S PENSION SCHEME, 1995 : up to 7500/ Month
Employees' Deposit Linked Insurance Scheme(EDLI) : up to 6 lakhs

PF : Employee contribution is 12% of Basic salary + DA

EPS : Employer's contribution is 12% of Basic salary + DA, the contribution is divided into 2 parts; 3.67% for EPF and 8.33% for EPS.
Central government also contributes 1.16% of Basic salary + DA.

EDLI : The employer's contributes 0.5% of basic pay of an employee as insurance premium to the EDLI scheme every month.

Employees’ Provident Funds Scheme

The EPF scheme basically aims at promoting savings to be used post-retirement by various employees all over the country. Employees' Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis.

EPF is a long-term retirement savings scheme

EPF balance can be withdrawn after the age of retirement 54 years.

After leaving a job, a person can withdraw 75% of the provident fund balance if he remains unemployed for 1 month and the remaining 25% after the second month of unemployment.

The EPF interest rate was 8.65 percent in 2018-19.

EMPLOYEE'S PENSION SCHEME, 1995


This is to ensures that employees receive a pension once they attain the age of 58 years old.Employees who are enrolled for EPF scheme are automatically enrolled for EPS scheme.

10 years of minimum service and 50 years of age for early pension. 
58 years of age for regular pension. 
Maximum amount of pension that can be contributed is Rs.1,250, the excess amount will be added to the EPF I.e 1250+250 = 1500.
The minimum pension per month is fixed at Rs 1,000 while the maximum monthly pension amount is Rs 7,500

EPS = (Service Period x Pensionable Salary)/70

In case the widow/widower (50%) is receiving the EPS amount, they will continue to receive the amount until his/her death. After that, the children will receive the pension amount until they attain the age of 25 years (25%).
In case the child is physically challenged, they will receive the pension amount until his/her death.

https://www.epfindia.gov.in/site_en/A...

Employees' Deposit Linked Insurance Scheme(EDLI)
The Employees' Deposit Linked Insurance Scheme(EDLI) is an insurance cover provided by the Employees' Provident Fund Organization (EPFO).
A nominee or legal heir of an active member of EPFO gets a lump sum payment of up to ₹ 6 Lakhs in case of death of the member during the service period.

The employer's contributes 0.5% of basic pay of an employee as insurance premium to the EDLI scheme every month.

UNA : Universal Account Number

The Employees Provident Fund Organisation (EPFO) has introduced the Universal Account Number (UAN) for members. The number allows portability of PF accounts from one employer to another without depending on any employer for withdrawal of EPF balance.

https://unifiedportal-mem.epfindia.go...

Family and Nominee Details
Present and Permanent address



















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