Rs. 50000 Jackpot for EPF subscribers
Posted on: 14/Apr/2017 3:32:30 PM
The EPFO (Employees Provident Fund Organisation) had decided to come forward with a proposal to offer the subscribers to offer Rs. 50000 as a goodwill (trust) fund. As per this, for all the subscribers for 20 years or more, an additional amount of Rs. 50000 will be given along with the matured Provident Fund due at the time of retirement.
EPFO circles informed about this proposal that the EPF as an organisation that ensures the well-being of the retiring employees from the public/private sector companies. Accordingly, a specific amount is deposited from the salary of every month in the Employee Provident Fund Account. A fixed monthly interest will accrued to the money kept in this account.
Keeping the well-being of the PF subscribers in mind, it has been decided to offer a goodwill amount of Rs 50000 in addition to the matured PF amount for the subscribers of 20 years or more.
This amount will be given when the subscriber is 58-60 years old and is retiring or in the case of physical complaints or loss of functioning organs.
The amount of over Rs. 18000 Crores with the EPFO will be covered by insurance. This arrangement would facilitate the payment of a goodwill amount of Rs. 25000 to Rs. 50000 to the subscribers.
