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Home EPF EPFO New Rules: EPF account holder gets an additional bonus of Rs...
  • EPF

EPFO New Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details immediately

By
Pravesh Maurya
-
August 25, 2022
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    Bank Special FD Rate
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    EPFO ​​rules: The members of Employees’ Provident Fund Organization (EPFO) are not aware of the important rules related to PF account. This is because some members will not even be able to take advantage of the benefits associated with their account.

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    In this case there is a possibility of loss. Most of the members know the rules like insurance, pension, income tax deduction of Rs 7 lakh under EDLI scheme. But, apart from this, there is also a rule related to loyalty-cum-life benefit. In this benefit, the employee can get a benefit of up to Rs 50,000 at the time of retirement. In fact, all EPF account holders are advised to continue contributing to the same EPF account even after changing jobs.

    Also, they can avail loyalty-cum-life benefits after contributing to the same account for 20 consecutive years. According to EPFO ​​expert Bhanu Pratap Sharma, the CBDT has recommended to extend the benefit of loyalty-cum-life benefit to account holders who have contributed to their EPF account for 20 years.

    The Central Government has approved it. This means if one qualifies then he/she will get an additional benefit of Rs.50,000/-. Under the loyalty-cum-life benefit, people with a basic salary of up to Rs 5,000 will get a benefit of Rs 30,000. Those whose basic salary is between Rs 5,001 to Rs 10,000, they will get a benefit of Rs. The best way to avail this is to keep the EPFO ​​account open even if the EPFO ​​member changes jobs.

    For this you have to inform your old employer and current employer. It is advisable not to withdraw PF during work. Retirement fund members may suffer losses including income tax. He also had pension benefits and loss of loyalty.

     

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      Previous articleDA and arrears Increased: Decision came regarding c and arrears of employees! Money will come in the account on this date
      Next article7th Pay Commission : Good News Government Employees! DA hiked again from 1st August; Government has announced
      Pravesh Maurya
      Pravesh Maurya
      https://www.rightsofemployees.com/
      Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com
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