This document outlines the major benefits provided under the Employees' Provident Fund (EPF) in India, including provident fund benefits, pension benefits, and death benefits. For provident fund benefits, both employers and employees contribute 12% each to the employee's fund. Members can withdraw funds for financial needs and get back contributions upon resignation. Pension benefits include lifetime pension for members and families. Death benefits provide funds to families or nominees upon death.
2. Major Benefits Under EPF
Provident Fund Benefits
Pension Benefits
Death Benefits
3. 1. Provident Fund benefits
Employer & employee contributes to employee’s PF
@ 12% each ( 10% in case of sick industrial co.
EPFO guarantees Employer’s contribution and credits
interest
Member can withdraw from these accumulations to
cater to financial exigencies
On resignation, the member gets back his PF
contribution, Employer Contribution and Interest
4. 2. Pension Benefits
1. Pension to Member
2. Pension to Family (on death of member)
3. Pension Scheme Certificate
After attaining the age of 50 or above, the
member can apply for Pension by
surrendering the Certificate
5. Pension Benefits
4. Withdrawal Benefit
If not eligible for pension, member can withdraw the
amount accumulated in his pension account
5. No amount is taken from Member to give Pension
to the Member
Employer and Govt. contributes to Pension fund
@8.33% and @1.16% respectively
6. EPFO guarantees pension to members, even if
the Employer has not contributed to Pension
Fund
6. 3. Death Benefits
Provident Fund Amount to Family (or to Nominee)
Pension to Family (or to Nominee)
Capital Return of Pension
Insurance (EDLI) amount to Family (or to Nominee)
No amount is taken from Member for this facility,
employer contributes for this
Nominee is nominated by the member through
declaration at his office
7. How to become EPF Member
To become EPF member, you have to work in an
establishment which is covered under EPF
If 20 or more employees are working in the
establishment, EPFO will cover that establishment
If Employer and Employees desires, an establishment
can opt for EPF coverage with employees less than 20
8. How to withdraw money from EPF
You can withdraw total money from EPF Account,
when you resign or retire & apply for settlement of PF
You can withdraw partially or get partial advance for
some admissible purposes during your service
9. How to get Pension
If you have attained the age of 50 years or more
Completed a total service of 10 years or more
Not getting any other EPF Pension
You have to apply to the EPF Office through your last
employer for Pension
10. When You Can Apply for Pension
1. On superannuation
- At 58 years’ age or more and atleast ten years of service
2. Before superannuation
- Age between 50 and 58 years and at least ten years of
service,
- Member should not be in service
3. Death of the member, while in service or Death
while not in service
4. Permanent disability
No pensioner can receive more than one EPF Pension
11. How to settle EPF account
• When you resign or retire from an establishment and
apply for settlement of PF
• If the member dies, Family members/Nominee have to
apply for settlement of PF
12. Employees' Deposit Linked Insurance (EDLI)
• On death of a member, the Family Members or
Nominee can claim for EDLI Benefit
• Maximum amount payable is Rs. 60,000/-
• The nominee(s) have to apply through the Employer
• No amount is taken from the Member for this facility
• Employer contributes for this
• Average PF Balance, salary and service are the factors
considered for the calculation of this amount
13. Advances/ Withdrawals from EPF for
following purposes :
Marriage
Education
Medical Treatment
Purchase or construction of Dwelling house
Repayment of Housing Loan
Purchase of Plot
Addition/Alteration of House
Repair of House
Lockout in company
Withdrawal Prior to Retirement
Other Advances