EPFO : Hello friends, you should know very well that the Employees’ Provident Fund Organization provides a lot of facilities to its members. Due to this, many people can easily take advantage of it. From checking balance to transferring account, all facilities are provided by EPFO, you should know this very well.
For this, a part of the person’s salary is deposited in the EPF account during the job. According to the rules, the EPF account provides pension to the employees till they reach the age of 58 years. If someone leaves the job before retirement after attaining the age of 55 years, then interest rate will be given on it for a fixed period.
We want to tell you that every month 12% of the basic salary is deposited in EPFO. And 8.3% is deposited in PF account and 3.67% is deposited in EPF scheme. The amount deposited under EPF scheme will be received after maturity.
After the age of 50 years, EPF account holders will be able to claim pension. If a person claims pension before 58 years, then 4% will be deducted every year. After retirement, 75% of the amount deposited in the EPF fund will be available free of cost. While 25% is given as pension, pension is paid every month.
How long will the interest be received after retirement
According to the rules, if the employee completes the age of 55 years and leaves the job before retirement before the age of 58 years, then interest will be paid on the PF account linked to the job for the next 3 years. This interest rate will be given irrespective of whether there is any contribution in the account or not.
And if any employee withdraws money from his PF account within 3 years i.e. 36 months, then the EPF account will become inactive i.e. closed. After which no interest will be paid on it.
Entitlement to pension
If the employee contributes to EPFO then he will be entitled to get pension after working for 10 years. But this pension will be given to him after completing the age of 58 years. Pension can be taken after 50 years but pension will be received with deduction.
