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Employee Provident Fund Organization : New Instructions

Kumari Sonali

Employee Provident Fund Organization : New Instructions

The Employee Provident Fund Organization recently issued new instructions for pensions.

  • Earlier the amount contributed towards the scheme was capped at Rs 15,000.
  • Now EPFO says the employees can contribute more than this.
  • Both employer and employees contribute a certain amount (from their salary) to the EPFO scheme on monthly basis.
  • The interest rate of this contributed amount (a part of the contributed amount) is 8.33%.
  • When a person retires he gets an accumulative sum.
  • Earlier, a sealing was fixed to the contributed amount.
  • Now, this limit has been removed.

The Employees Provident Fund Organisation (EPFO):

  • It is a statuary body which assists Central Board in administering compulsory contributory Provident Fund Scheme, Pension Scheme and Insurance Scheme for the workforce engaged in the organised sector in India.

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