Friday, October 19, 2012
by
Indian Real Estate News
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The EPF is a scheme intended to help employees from both private and non-pensionable public sectors save a fraction of their salary every month in a savings scheme, to be used in an event that the employee is temporarily or no longer fit to work or upon retirement.
An employee can withdraw full amount at the credit in the fund on retirement from service after attaining the age of 55 year.
EPF is automatically deducted from salary. Both employee and employer contribute to it. Employee's contribution is counted towards Section 80C investments.
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Employees also have the option to contribute additional amounts through voluntary contributions (VPF).
Summary of Employees Provident Fund
| |
| | Return (p.a.) | | 8.5% | |
| |
| Risk | | NIL | |
| |
| Lock In | | Working Life | |
| |
| Income from Investment | | Interest earned is Tax Free | |
| |
| Maturity Proceeds | | Exempt under Section 10(11). | |
| |
| NRI/PIO eligible | | Yes | |
| |
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