PF Full Form | What is PF – Complete Information 2021 : Friends, people who do the job usually know that PF Full Form and What is PF, because employees working in both the government organization and private sector are given the facility of PF but they do not have all the information related to PF.
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Today we are going to give you the complete information of PF Full Form and What is PF because a lot of people do not know about many things related to PF and people who have recently started a job in their life. There should be complete information about PF. PF Scheme is very beneficial for employees in any company because it is not only a good way of saving you but also it has many features like good interest rate, tax rebate, etc. .
Friends, PF is mainly given for Retainment and Time to quit the job, but if you want, you can also check your PF first and get PF removed, for this you have to follow some terms & conditions. So let’s go into detail Know that PF Full Form and What is PF?
PF Full Form
PF Full Form: Provident Fund. Whereas the full name of EPF is known as Employee Provident Fund and in Hindi as Employees Provident Fund which is given at the time of retirement and leaving the job.
What is PF and EPF?
Friends, people who do the job are aware of both the term EPF and PF because when you talk about the PF scheme, both EPF and PF have the same meaning because some people call it EPF and some people call it PF. PF is a government scheme which is a government organization run by the Employee Provident Fund Organization, established in 1952 and chaired by the Union Labor Minister of India.
If more than 20 employees work in a company, then it is mandatory to be registered with the Employees Provident Fund Organization (EPFO) under which some part of the salary paid to the employees is deducted which is given at the time of Retairment and leaving the job.
How to check PF Balance?
Friends, you must have now understood how much your PF is deducted and how much is deposited, but now it comes to know how to check our PF balance because this question is searched by the people, so you can do the following ways to check PF balance Can be used: –
- You can check PF Balance by SMS.
- You can check PF Balance through Mobile App.
- You can check PF balance through Mised Call.
- You can check PF balance by downloading UNA number and EPF Passbook.
Friends, you can check your PF balance using the methods mentioned above, in this way, you can also withdraw your PF if you want, just follow the rules of the Employees Provident Fund Organization, after which you can easily withdraw your PF.
What percentage is PF credited?
Friends, if you work in a company that provides you the facility of PF, then it is bound to come to your mind that what percentage of your PF is deposited? And how much is deposited from the company?
So friends, let us tell you that 12 percent amount is deducted from your salary which is deposited in your account as EPF, while 12 percent amount is deposited from the company as well, out of which 3.67% of employee’s EPF ( Employee Provident Fund) and 8.33% is deposited in EPS (Employee Pension Scheme) which is given to you in installments after your Retairment.
Friends, the total amount deducted from your salary doubles because 12 percent is deposited from your salary and 12 percent is deposited by the company which is 24 percent in total. Here you will be happy to know that You do not have to pay any tax on the amount deducted as PF, which you get the full benefit.
Interest is also paid on your PF by the government, which is higher than any scheme, usually you get more than 8 percent interest on the PF deposit.
What are the benefits of PF?
Friends, PF is a scheme which is an excellent way of saving for any employee, in which you get many benefits which are as follows.
Under EDLI i.e. Employee Deposit Linked Insurance Scheme, you get insurance up to Rs 6 lakh as soon as your PF account is opened.
Employee Pension Scheme
The company deposits 12 percent of the amount in the accounts of every employee, out of which 3.67% is deposited in the employee’s EPF (Employee Provident Fund) and 8.33% EPS (Employee Pension Scheme) which will be paid to you after your retirement. Is given in
Best Saving Option
PF Saving is also a great way to do this because you do not have to pay any tax on this accumulated capital, but you are also given interest on it by the government, which is more than 8%. Therefore, through PF you can till long time Can add deposit.
Easy to get money
Friends, according to the new rules, now it has become very easy to withdraw PF money, now you can withdraw 90 percent of PF money based on specific circumstances and your financial needs.
The amount deposited in the PF account is completely tax free and you do not have to pay any tax even after withdrawing the money.
Friends, now you can link all your PF account in case of changing job with the help of UNA number, which you can easily transfer the money deposited as your PF.
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