EPF Deposits

However, at the national level, the total number of employees contributing regularly to the EPF grew by nearly eight per cent in the same time period

Withdrawals before five years are tax-free in cases of serious illness, employer discontinuation of operations, withdrawals not authorized by the employer, and advances under the EPF Scheme

Earlier, the online facility was to remain available only till May 3, after EPFO had earlier extended the timeline in late March, after receiving multiple requests from employee organisations

Though fresh additions slip sequentially in July, women enrolment at a record high

Others should invest in pure equity and debt funds, or go for EPF and NPS

While 2020-21 may not be the right year to compare with due to Covid, net payroll data in each of April, May and June exceeded average monthly figure since the data began to be compiled for Sept 2017

June had 1,283,448 EPF subscribers on a net basis, the highest in first three months of current fiscal and higher than average monthly figure of past three years

At present, 24 per cent of a worker's basic pay is deducted - with 12 per cent each counted as employer's and employee's share - towards the EPF savings

There is no income-tax on the advance, but withdraw only in dire need

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18

FinMin had decided to lower EPF interest rate to 8.7% from 8.8% approved by CBT for FY16