Employee provident Fund scheme is a famous law (EPF) which is passed by the Indian government, for both the employee and the employer. They contributes 12% of their wages, DA and retaining allowance to the fund, every month. These amounts will add to the employees EPF account….later these total amount will be given to them during a choice of occasions such as retirement, medical expenditures, housing costs, family obligations, education of children or own, paying insurance policies etc.
The employee can stop paying the amount every month at the same time as the interest rate on his inverstment is calculated in the months of March/April every year. Government of India in consultation with Central board of trustees and other concerned members will fix the applied interest rate. The EPF fund amount upsurges every year with the interest sum and deposited amount.
The apprehensive department passes a statement of EPF account to the causative employees. The statement , encompass,all the required knowledge such as the opening balance, amount contributed in the current financial year, total interest amount earned in the current year, withdrawn amount from the fund (if applicable) etc.
This amount is collected to have some financial benefits upon his retirement. EPF fund is specially designed for this. All the contributing employee can withdraw his total amount, when he retires from his service at the age of 55. one more option is there to withdraw the amount, that if the person is in the age of 54 he/she can have 90% of accured amount befor their retairmnts. On the other side is one member is entitled to withdraw the full amount if (i) he leaves India and settles abroad or (ii) member retires from his job before reaching the 55 years age limit or (iii) if a person retires because of mental infirmity or in case of individual or mass retrenchment.
If you had applied for EPF fund withdrawal, you can check your application status here to check Employee Provident Fund balance Online.