EPF is also known as PF which is a government-established savings scheme for organized sector employees. Only employees of companies registered under the EPF Act can invest in EPF or PF.
Both the employer and the employee are required to contribute 12 percent of the basic salary and dearness allowance of the employee every month to the EPF account. Know five things related to EPFO every account holder should know.
5 biggest benefits of PF:
EPF accounts provide excellent returns on deposits. Employees who have an account with the Employees Provident Fund Organization (EPFO) are provided this facility under the Employees Provident Fund Act, 1956. The rate of interest on EPF varies every year. It is now 8.5 percent.
This savings scheme comes under the purview of tax exemption under Section 80C of the Income Tax Act……Read More>>