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Why to Get a PF Registration Done – The Benefits of a Provident Fund

The most significant tool in the retirement planning arsenal is the Employee Provident Fund. If saved for the long term, it can not only meet retirement goals but also exceed them because:

1. It has 100% tax free interest

2. Interest works on compound growth

Both of these factors ensure that at the time of maturation PF provides a large nest egg. Illustrated below are all the benefits that EPF provides to a person and their loved ones in time of need, crisis or after retirement.

What are the merits of Provident Fund?

• insurance

The Employee Deposit Insurance scheme states that a company must contribute 0.5% of the monthly basic salary as a premium of insurance cover. EDLI is applicable when the organization does not provide its employees with group insurance. The employer’s contribution is capped at Rs. 6,500. In addition, the insurance coverage amount is the higher of the following two:

1. Twenty times the average wages of last year (up to 6,500 rupees per month) which works out to be 1,30,000 rupees.

2. The full amount in the PF account (up to Rs. 50,000) plus 40% of the balance amount.

For workers in small businesses, the amount produced by EDLI is, sometimes, more than enough for survival.

• pension

EPF consists of two elements:

1. Provident Fund

2. Employees’ Pension Scheme

The latter was introduced in 1995. While the employee’s contribution, which is 12% of basic salary plus DA, goes entirely to PF, the employer’s input is shared. Of the 12% that the company has to give, 8.33% is deposited in EPS. This is capped at Rs.541. The balance amount is added to the PF.

When a person retires, they receive a pension that depends on:

1. The average salary they in the year before retirement

2. The number of years they worked

What this means is that the contribution to EPS, over the years, builds a large corpus as a pension. Due to provision under the law, one can get the EPS along with PF in lump sum. To collect a pension, you must:

1. Be 58 years of age or older

2. Completed a decade of service without any withdrawals from it

If an employee retires before the age of fifty-eight, they can still collect the pension only at a reduced amount. In addition, upon the death of a worker, the family has the right to the pension according to the established conditions.

It should be noted that there is a limit to the maximum amount of pension for each month – Rs. 3,500. There is a simple technique to bypass this limit if the employer uses the worker’s actual salary for contribution instead of the specified Rs. 6,500 per month.

• Unique Situations

One of the main supports that a person gains through online PF registration is a financial cushion during dire or extraordinary times. When an emergency arises, and there are no saved funds or help at hand, one can draw from the EPF. To dive in the corps, certain conditions must be met and a specific limit crossed. Some examples of when an EPD can be useful are:

• Medical Emergency:

For any major surgical operation or conditions like cancer, TB, leprosy, heart disease, mental problems and paralysis, a person can withdraw money from the EPS. The amount that can be taken must be the smaller of the following two:

1. 6 times the person’s salary

2. Total contribution made to the EPF so far

The fund taken out can be appropriated for the treatment of spouses, children, themselves or dependent parents.

• Any Life Goal

A parent plans for a child’s education and marriage, a person might want to provide their sibling with higher education or an individual might want to study further. All these are life goals that can be financially assisted through EPF. An employee can withdraw approximately half of the contribution for marriage or education of a child, self or sibling.

This can be done up to three times in your service life. The only criteria to be met are:

1. A valid document proving marriage or fee payable to the college

2. Spent seven years in service

• Dream Home

When an employee wants to build a new house, repair or maintain an old one, they can use the money in EPF. It can also be appropriated for home loan repayment. The association specifies the contingencies that should be fulfilled for the same. The usual few are:

1. For home loan repayment, one can use salaries of three years from the EPF provided 10 years of services are completed.

2. For repair or modification at home, one can withdraw wages equal to twelve months. This requires an existing house and can only be done once. For a change, the person must complete 5 years of service and for a repair 10 years.

3. To buy a new home, an employee only has to work for five years. The withdrawn amount can be used to buy a new house or land and build a new home. If land is purchased, the total that can be taken out is 24 months of salary. For a house, the amount can be 36 months of salary. This amount can be collected only once in a lifetime. The house or the plot can be in an employee’s name, a spouse’s name or as joint ownership.

The benefits of EPF are not limited to those explained above. There are some other circumstances where it can be used such as:

1. Damage due to natural disasters

2. Purchases of equipment for the physically disabled

3. If the person changes jobs and remains without a profession for more than two months

Nominating a family member to receive the EPF corpus in case of the employee’s demise makes a great safety net.

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