• UGI USER
  • Feb 22, 2023
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Employee Provident Fund Organization : New Instructions

News: New guidelines for pensions were recently released by the Employee Provident Fund Organization.

 

  • Before, the maximum contribution to the programme was Rs 15,000 per person.
  • Employees can now contribute more, according to EPFO.
  • The EPFO system receives monthly contributions from both the company and the employees (from their salaries).
  • This contributed amount’s (a portion of the contributed amount’s) interest rate is 8.33%.
  • A retiree receives an accumulation of money when he retires.
  • A sealing was already established for the amount contributed.
  • This restriction has since been lifted.
  • It is a statutorily mandated agency that supports the Central Board in managing the mandatory employee-contributory Provident Fund Scheme, Pension Scheme, and Insurance Scheme for workers in India’s organised sector.