Thursday, August 11, 2022
BusinessNew EPFO ​​rules Additional bonus up to Rs 50,000 for EPF account...

New EPFO ​​rules Additional bonus up to Rs 50,000 for EPF account holders

Under Loyalty and Life Benefit Rs. 30,000 on basic salary of Rs.5,000 will be available.

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New Delhi: Employees’ Provident Fund Organization (EPFO) members are not aware enough about many important aspects related to PF account, which prevents them from availing certain benefits. Most of the members are likely to be familiar with the insurance, pension, income tax exemption provisions of Rs 7 lakh under the ETLI scheme.

But apart from this, they also get benefits like loyalty-cum-life, through which the employee can get a benefit of up to Rs 50,000 on retirement. And all EPF account holders are encouraged to remain active on the same EPF account even after switching from their old job to the new one.

Members can avail loyalty and life benefits after contributing for 20 consecutive years in the same account. According to the panel of experts, the EPF account holders have been recommended to increase the loyalty and lifetime benefit for 20 years.

It is reported that the central government has also approved this and the eligible person will get an additional bonus of up to Rs 50,000. Under Loyalty and Life Benefit Rs.30,000 on basic salary of Rs.5,000 will be available. This benefit is available to those whose basic salary is between Rs 5,001 to Rs 10,000.

Members can avail loyalty and life benefits after contributing for 20 consecutive years in the same account. According to the panel of experts, the EPF account holders have been recommended to increase the loyalty and lifetime benefit for 20 years.

It is reported that the central government has also approved this and the eligible person will get an additional bonus of up to Rs 50,000. Under Loyalty and Life Benefit Rs.30,000 on basic salary of Rs.5,000 will be available. This benefit is available to those whose basic salary is between Rs 5,001 to Rs 10,000.

To get this bonus amount you need to continue with your old account even if you change job and inform your old employer and current employer. And it is better not to withdraw PF while on duty.

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