I just want to know pros and cons of New EPF & PF syestems .I want to explain this to my employees .Because i dont have that much idea on this
From India, Bangalore
From India, Bangalore
Hi
Benefits
EPF (Employee Provident Fund)
EPF amount of both EE & ER will be repaid on completion of the service period along with the interest. Any claims of EPF will not attract Income Tax which has minimum of 5 years of contribution. Any amount which was claimed fully before 5 years will have 10% TDS.
EPF amount shall be claimed partially against following conditions
Marriage Expenditure
Educational Expenditure
Medical emergencies
Purchase or construction of house
Repayment of housing loan
Purchase of plot
Lockout
EPS (Employee Pension Scheme)
All the employees who complete the contribution of the EPF for 10 years or more will receive monthly pension amount. If any employee is not completing the 10 years of service then the amount shall be withdrawn along with the EPF amount.
EDLI (Employee Depository Linked Insurance)
For all the EPF members company has to pay Insurance amount of 0.5% of the EPF wages. It is calculated under the admin charges. EDLI amount will be paid on death of the employee who is in service.
To total Insurance amount shall be claimed is Rs. 6,00,000/-
From India, Bangalore
639Benefits
EPF (Employee Provident Fund)
EPF amount of both EE & ER will be repaid on completion of the service period along with the interest. Any claims of EPF will not attract Income Tax which has minimum of 5 years of contribution. Any amount which was claimed fully before 5 years will have 10% TDS.
EPF amount shall be claimed partially against following conditions
Marriage Expenditure
Educational Expenditure
Medical emergencies
Purchase or construction of house
Repayment of housing loan
Purchase of plot
Lockout
EPS (Employee Pension Scheme)
All the employees who complete the contribution of the EPF for 10 years or more will receive monthly pension amount. If any employee is not completing the 10 years of service then the amount shall be withdrawn along with the EPF amount.
EDLI (Employee Depository Linked Insurance)
For all the EPF members company has to pay Insurance amount of 0.5% of the EPF wages. It is calculated under the admin charges. EDLI amount will be paid on death of the employee who is in service.
To total Insurance amount shall be claimed is Rs. 6,00,000/-
From India, Bangalore
Dear jeevarathnam, i have a little confusion so please help me out so where an employee/family/dependants can claim for EDLI Insurance amount.
From India, Delhi
From India, Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.