EPFO new rules: There is good news for those with EPF accounts, recently a big update has come from the Employees Provident Fund Organization. Many benefits are given by the Employees Provident Fund Organization for the benefit of EPF members.

By taking advantage of 7 of these big benefits, you can make your financial condition stronger. Every employed person needs to know about these benefits (EPFO benefits), although many rules have been set to take these benefits, by following which you can also take these benefits.

1. You can take advantage of a pension -

In EPF, every employee's money is divided into two parts. It is deposited in the form of EPF i.e. Employee Provident Fund and EPS i.e. Employee Pension Scheme (EPFO pension scheme). 12 percent of the employee's salary and the same amount is deposited by the company. Contribution is made for a pension from the company's 12 percent share.

This money is received in the form of a pension after the eligibility for pension is completed. There is a separate rule for withdrawing this money at once. Pension eligibility (EPF pension rules) is considered only after the age of 58 of an employee. To avail of the benefit of a pension, it is necessary to have a job of at least 10 years. The minimum pension is fixed at Rs 1,000 per month.

2. Nomination facility -

EPFO now also provides a facility for the nominees (EPFO nominee), for this the Employees Provident Fund Organization (EPFO) has asked its members to update the nomination. On the death of the member, the nominee gets the facility of getting PF money.

3. Benefit of Voluntary Provident Fund -

Any EPF member can avail the facility of investing in VPF i.e. Voluntary Provident Fund along with EPF (Employee Provident Fund). You can get additional benefits by putting in extra contributions from basic salary in VPF.

4. Money transfer facility-

Withdrawal of money from an EPF account is not easy, for this many rules have to be followed (EPFO new rules). Money cannot be withdrawn from the EPF account immediately upon changing jobs, money can be transferred from this account only when a new job is obtained. The entire amount of EPF can be withdrawn after two months of leaving the job. Separate rules have been set for the withdrawal of pension (EPFO pension rules).

5. Money withdrawal facility-

EPF members cannot withdraw the entire amount from their account (PF withdrawal rules). For this, the rule of partial withdrawal has been set. There are many rules on this, some amount can be withdrawn for marriage in the family, education of children, treatment, home repair, etc. After the PF account becomes 7 years old, 50 percent of the amount can be withdrawn (PF amount withdrawal rules).

6. Interest on EPF amount-

The EPF member is given interest on the amount contributed to it. It also keeps increasing every year in the form of compound interest. At present, interest rates of 8.15 percent (EPF account interest rates) are applicable on EPF, which is more than many FDs on an annual basis. This can benefit you greatly. However, there is no provision of return (EPS rules) in the EPS rules for pension. Only the money deposited in it can be withdrawn.

7. Benefit of life insurance -

The benefit of life insurance is also given by EPFO. EPFO ​​members can avail the benefit of life coverage under the EDLI (Employees Deposit Linked Insurance) scheme. It has slightly lower interest rates than the companies present in the market.

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