Employees Provident Fund Organization (EPFO) is an organization that deposits retirement funds for private sector employees. It also provides benefits of a pension scheme (EPFO Pension Scheme). Under the Employees Provident Fund (EPF) account, both employees and employers contribute. The government pays interest on this every year. Hence, a huge amount of money is deposited with employees till retirement. In this case, if you want to deposit crores of rupees under EPFO, then tell us how much contribution you need to make?
How much interest does the government pay?
The central government decides the interest rate on the Employees Provident Fund account (EPF rate) every year. Currently the government offers 8.25% interest under PF account. This interest is deposited into the employee account every year. No tax is payable on the interest on the deposit in PF as it is a tax-free scheme.
Funds can be withdrawn in case of emergency
EPFO also provides emergency withdrawal facility to employees (EPFO Emergency Fund). Employees can withdraw emergency funds from EPF to meet specific expenses like further education, marriage, house building and illness.
What is the donation of 3 to 5 crore rupees?
- To get Rs 3 crore at retirement, the employee has to contribute Rs 8,400 per month for 40 years. At maturity, you will get a total of Rs 3,01,94,804 (current interest rate is 8.25%).
- If you want to get Rs 4 crore at retirement, you have to pay Rs 11,200 per month for 40 years. Then at maturity, at the current interest rate of 8.25%, you will get a total of Rs 4,02,59,738.
- However, if you want to save Rs 5 crore at retirement, you will have to save Rs 12,000 every month for 40 years. After retirement, you will get Rs 5,08,70,991 at an interest rate of 8.25%.
How to check EPF balance?
If your mobile number is linked with your EPF account, you can check the balance through a missed call to 9966044425. You can check the balance by sending an SMS “EPFOHO UAN ENG” to 7738299899. You can check the balance by logging into the EPF passbook page. You can also check the balance through the Umang app.
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