PF Balance: Employees Provident Fund (EPF) is a managed retirement savings scheme run by the government for employees. Every month, employees contribute a part of their salary towards the provident fund.
The objective of this scheme is to get lump sum payment along with interest at the time of retirement from employment. The Employees’ Provident Fund Organization or EPFO is responsible for the regulation and management of provident funds in India.
EPFO One of the famous savings programs started with the help of the Government of India is the Employees’ Provident Fund or EPF. The organization was established in 1951 and is supervised through the Ministry of Labor and Employment, Government of India. The Ministry of Labor regulates the EPF programs in India. Employees’ Provident Fund Organization administers this savings scheme. It can also be called EPFO.
contribution every month
This scheme seeks to help an individual accumulate a sizeable retirement corpus. It inculcates the habit of saving money among the salaried class employees. The employer and employee contributions in the form of funds are included in the fund. Each of them is required to make a monthly contribution to this fund equal to 12% of the basic pay (basic and dearness allowance) of the employee.
premature withdrawal
However, if someone has withdrawn money from this fund before retirement, then that can also happen. But for this some documents are required. With the help of these documents, PF money can be easily withdrawn.
Documents Required for PF withdrawal:
Composite claim form.
Two revenue stamps.
Bank account details (Bank account should be in the name of PF account holder only).
– Identity Proof.
– Address proof.
A blank and canceled check with IFSC code and account number.
– Personal information like father’s name, date of birth should match clearly with the identity proof.
– If an employee withdraws his PF amount before 5 years of continuous service, he will be liable to furnish Income Tax Return (ITR) Form 2 and 3 to prove the detailed breakup of the entire amount deposited in the PF account every year .
