The employee provident fund (EPF) is a substantial retirement benefit for organised sector employees in India. The Employees Provident Fund Organisation (EPFO) manages the Provident Fund (PF) plan, which receives contributions from employers and employees.
It is a retirement benefits scheme for salaried employees. If a company has 20 or more employees, it gets covered under the EPFO. The organisation offers a lump sum pension in the form of a monthly pension.
The minimum payment from the employer should be Rs 1,800, with 8.33 per cent going to the employee’s EPF and 3.67 per cent going to the Employee Pension Scheme (EPS). Employees can contribute up to 12 per cent of their basic salary and dearness allowance (DA) to EPF.
How much interest will you get on Rs 2 lakh, Rs 4 lakh, and Rs 6 lakh EPF contributions?
- If you deposit Rs 1 lakh in your EPF account and earn 8.25 per cent interest, you will receive Rs 8,250 each year.
- If you put Rs 3 lakh, you would receive an interest of Rs 24,500.
- For a deposit of Rs 5 lakh, the interest will be Rs 41,250.
EPFO: How To Check EPF Balance & Interest Online | Step-by-step guideline
– Go to EPFO portal – www.epfindia.gov.in
– Choose the E-PassBook option.
– It will take you to another screen wherein you need to enter your UAN, password, and captcha code.
– After successfully logging in, select the Member ID option for Passbook.
– Passbook will be available in PDF format, which you can download.
– You can access the passbook directly at https://passbook.epfindia.gov.in/.
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