EPF Update: Employees Provident Fund Organization has crores of account holders across the country. A part of the salary of every employed person is deposited in the PF account. After the employee completes 60 years of age, he can withdraw the entire amount deposited in the PF account. If an account holder wants, he can also choose the pension scheme of EPF (EPF Pension Scheme).
Under the scheme, account holders get a monthly pension of Rs 1,000 at the age of 60 years. This pension is given under EPFO social security coverage. EPFO has also fixed the minimum salary for getting pension under Employees Provident Fund. Now the government is considering increasing this minimum salary. Let’s know about this-
Government can increase the minimum salary of EPF-
According to the report published in the Economic Times, at present it is necessary to have a monthly salary of Rs 15,000 to take advantage of this scheme, but now the government is thinking of increasing the salary limit. Now it is being considered to make it up to Rs 21,000. Earlier in the year 2014, the government had increased the salary limit to avail the EPF scheme. Before the year 2014, the benefit of pension was given to the people who received a minimum pension of Rs 6,500. Later its limit was increased to Rs 15,000.
Government can increase the minimum salary limit
According to the report published in Economic Times, the government source has informed that the government is considering this matter in view of rising inflation in the country. In such a situation, if the government takes a decision on this EPF issue, then the minimum salary limit for availing the pension benefit of EPFO will be increased from Rs. 15,000 to Rs. 21,000.
EPFO works to provide social security
A part of the salary of every account holder is deposited in the account of the Employees’ Provident Fund Organisation. PF account helps in providing social security to the employees. EPFO subscriber can get the entire money deposited in this account after the age of 60 years. Apart from this, you can also withdraw the money deposited in the account for the expenses of any emergency like children’s education, marriage, illness etc. Apart from this, if you have worked continuously for 10 years, then you become eligible for the pension scheme of EPF. With this, EPFO subscribers also get the benefit of social security.