Your pension fund balance is mentioned in your EPF Passbook which is part of Employees’ Pension Scheme (EPS). Segregation of Your EPF Contribution Currently, the following three schemes are in operation under the EPF Act of 1952, and it is into these trusts that your monthly contributions go...
interest at the applicable rates until the employee reaches retirement age. In the case of inoperative accounts of retired members, no interest is paid on such accounts. Such interest is taxable in the hands of the members at applicable slab rates as per the provisions of the Income Tax Act...
The EPF & MP Act, 1952 was enacted by Parliament and came into force with effect from 4th March,1952. A series of legislative interventions were made in this direction, including the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. Presently, the following three schemes are in...
Employee Provident Fund (EPF):Employee’s contribution is matched by Employer’s contribution(till 12%).The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act. The EPF amount earns interest as declared by...
You should not be working at the time of submission of the claim in an establishment that is covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. You have an option to withdraw 75%of your funds after one month of unemploymentand keep their PF account with the...