Your contribution towards your Employees Provident Fund (EPF) can play a big role towards meeting your income needs while you are in the job or out of it. This provident fund scheme can be of great financial help during your hour of need. You can avail loan on your PF amount while you are still in your job. After your retirement, you can take benefit of these three Employees Provident Fund Organisation (EPFO) schemes. Know about these 3 schemes here – Insurance Scheme 1976 (EDLI), EPF Scheme 1952 and Pension Scheme 1995 (EPS)!
– On unfortunate demise, members family can get this amount:
If a member of the EPFO has been contributing towards the fund in a regular way, then in the event of an unfortunate death, the family of the member can avail the benefit of Insurance Scheme 1976 (EDLI). This scheme entitles the member for an amount which is 20 times his last drawn monthly salary. It can be up to a maximum amount of Rs 6 lakhs.
– Get funds from EPF for these works:
If an employee has retired from his services or in the event of his death, then the entire amount present in his account is given to his family members under the EPF Scheme 1952. The members can withdraw some amount for education, marriage, illness or house construction.
– Pension facility after retirement
EPFO offers pension to its members under the Pension Scheme 1995 (EPS). This provides a financial cushion to the members. Apart from this, it also provides a cover in case of accidents leading to disability. The family gets pension under the Family Pension Scheme, 1971.
EPFO is one of the worlds largest social security organisations in terms of clientele and the volume of financial transactions undertaken, its website claims. As per the 2016-17 Annual Report, the retirement fund body maintains over 19.34 cr accounts.