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Benefits of Employees Provident Fund
Schemes involved in the EPF are EPF (Employees Provident Fund), EPS (Employees’ Pension Scheme), and EDLI (Employees Deposit Linked Insurance Scheme). The money goes into three different schemes and each scheme has its own benefits.
Benefits of the Employees Provident Funds Scheme, 1952
The member gets the accumulated amount along with the interest upon retirement, death, and resignation.
The member can withdraw the partial amount from the account for carrying on the expenses of construction of the house, education, marriage, illness, etc.
Benefits of the Employees’ Pension Scheme, 1995
The member will get the amount monthly upon retirement, disability.
In the event of the death of the member, the monthly amount will be given to the survivors, widows, and children.
The pension amount based on the average salary of the preceding 12 months The Employees’ Pension Scheme, 1995.
Benefits of the Employees Deposit Linked Insurance Scheme, 1976
In case of death of the member during the service period, a nominee or the legal heir of an active member will get up to the amount of six lacs as the lump sum total.
The benefit is available provided during the death, an employee was a member of the scheme.
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14 Mar
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