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
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From India, Bangalore
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Hi,
Benefits:
EPF (Employee Provident Fund)
The 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 requires a minimum of 5 years of contribution. Any amount that was fully claimed before 5 years will have a 10% TDS.
EPF amount shall be claimed partially under the following conditions:
- Marriage Expenditure
- Educational Expenditure
- Medical emergencies
- Purchase or construction of a house
- Repayment of a housing loan
- Purchase of a plot
- Lockout
EPS (Employee Pension Scheme)
All employees who complete the contribution to EPF for 10 years or more will receive a monthly pension amount. If an employee does not complete the 10 years of service, the amount shall be withdrawn along with the EPF amount.
EDLI (Employee Depository Linked Insurance)
For all EPF members, the company has to pay an Insurance amount of 0.5% of the EPF wages. It is calculated under the admin charges. The EDLI amount will be paid upon the death of an employee who is in service.
The total Insurance amount that can be claimed is Rs. 6,00,000/-.
From India, Bangalore
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653Benefits:
EPF (Employee Provident Fund)
The 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 requires a minimum of 5 years of contribution. Any amount that was fully claimed before 5 years will have a 10% TDS.
EPF amount shall be claimed partially under the following conditions:
- Marriage Expenditure
- Educational Expenditure
- Medical emergencies
- Purchase or construction of a house
- Repayment of a housing loan
- Purchase of a plot
- Lockout
EPS (Employee Pension Scheme)
All employees who complete the contribution to EPF for 10 years or more will receive a monthly pension amount. If an employee does not complete the 10 years of service, the amount shall be withdrawn along with the EPF amount.
EDLI (Employee Depository Linked Insurance)
For all EPF members, the company has to pay an Insurance amount of 0.5% of the EPF wages. It is calculated under the admin charges. The EDLI amount will be paid upon the death of an employee who is in service.
The total Insurance amount that can be claimed is Rs. 6,00,000/-.
From India, Bangalore
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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
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From India, Delhi
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