What is PF, EPF and PF? Complete Information.

What is PF, EPF, EPFO ​​Full Information in English: - Friends, you must have heard many times while telling your employee friends about PF. But do you know what this PF is? What is EPF? And what is EPFO? You are going to get answers to all these questions in this article, so you will definitely read it till the end.

What is PF, EPF? In English

PF is full form Provident Fund, it is called Provident Fund in English. PF is also known as EPF. EPF is full form Employee Provident Fund, which is called Employee Provident Fund in English. Both PF and EPF are the same thing, so if someone speaks to you about EPF, then you have to understand that he is talking about PF.

PF is a type of digital Gulak, in which a small part of the salary received by the employees is deposited in their PF account every month, later when that employee retires, or he leaves the job, then he Digital Gulak means that it can withdraw its money from its PF account. Let us know about PF in detail.

PF is a very ambitious scheme launched by the Government of India. This scheme is mainly designed for government and non-government employees. Under this, 12% of the salary of all government and private employees is deducted from his salary every month and the money is put into the pf account of the same employee. The amount of money that is deducted from the salary of the employee is added to his pf account, the same amount of money is put every month in the employee's employer company, ie the company in which he works, in his employee's pf account.

That is, if the monthly income of an employee is Rs 10,000, then 12% of that means Rs 1200 is deducted from his salary every month and the money is put into his pf account. Now, as we told you above, the amount of pf deducted from the salary of the employee, the same amount of money that the employer's company also puts in his account. Therefore, the employer company also puts 1200 rupees every month in the pf account of that employee, thereby saving 2400 rupees every month in his pf account. Along with this, the employees also get 8.50% interest on these money, which is much better than all the other banks. Apart from this, there is no tax on pf money, so in the end the employee gets all the pf money.

This money is deducted from the salary of the employee every month and deposited in his PF account, as long as he works in that company. After leaving the job or after retiring, he can withdraw all his PF money. Apart from this, in the current job also, the employee can withdraw his PF money, but for this there are some rules and conditions according to which the money is received.

Right now, here you need to know more about the thing that 12% of the company that deposits the employee's pf account, the money is deposited in 3 different schemes. Some money is deposited in the employee's pf account, some is deposited in the EPS (Employee Pension Scheme) and some money is deposited in the employee's insurance scheme.

What percentage is PF credited?

Every month 12% of the salary of the employee is deposited in his PF account, but this 12% rule applies only when the monthly salary of the employee is ₹ 15000 or less. If the monthly income of the employee is more than ₹ 15000? So only 12% of ₹ 15,000 of his income will be deposited in PF, PF will not be deducted on the remaining money.

For example, suppose one employee has a monthly income of ₹ 15,000 and another's ₹ 30,000. So the PF of these two will be deducted in the same way, because the income of the other employee even if more than ₹ 15,000 is not deducted on the income of more than ₹ 15,000. So the PF of these two will be cut the same way.

Benifits of PF || Benefits of PF

Now the question arises that what are the benefits of PF? What is the benefit of PF? Why has the government brought this plan? So see friends, this scheme of the government is for the benefit of the employees. Because we humans have a habit that we spend as much money as we get on salary. In such a situation, we are unable to deposit money for our future. That is why the government has brought this plan. In this, a small part of the salary of the employee is deducted from his salary every month, due to which the employee does not make much difference, he deducts his expenses from the rest of his salary.

But after retiring, that employee can withdraw all the money of his PF simultaneously, along with that he gets pension every month. Apart from this, if an employee dies while on duty, then he gets compensation of up to ₹ 700000 under this pf scheme itself. Therefore, this scheme is very important for the employees.

What is EPFO?

EPFO has a full form Employee Provided Fund Organization. It is an organization controlled by the government, the EPFO ​​was established on 15 November 1951. It was established to protect the interests of employees and to improve their future. The PF scheme is controlled by this institution. In this way, you can understand that PF is just a scheme which is carried out by the EPFO ​​institution.

What do you think friends? Is the PF scheme correct? Or wrong? Please comment by commenting below. Apart from this, do you have this information PF kya hai? EPF kya hota hai? EPFO kya hai? If you like it, then definitely share it with your friends too.