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Employee Provident Fund Act Services
Employees' Provident Fund Act
The Employees’ Provident Fund Act was created to help workers in factories and other places save money for the future. The money in the EPFO is put into different investments based on rules set by the Indian government. When deciding where to invest, the focus is on keeping the money safe, making sure it grows well, and using good judgment,so the money is always working and not just sitting around. Each year, the interest rate for the EPF savings is chosen based on how much money is expected to come in and what the EPFO needs to pay out that year. The Act provides for three schemes viz.,
- Employees' Provident Fund Scheme, 1952.
- Employees' Pension Scheme, 1995.
- Employees' Deposit Linked Insurance Scheme, 1976.
Benefits
When you save money for the future, it grows with extra money called interest. You can take some of this money out when you stop working, if you leave your job, or if something happens to you. You can also take out some money for important things like building a house, getting married, or if you get sick.
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Nomination
There is one form that works for all three plans. For the EPF plan, the nominations also count for the EDLI plan.
If a member has a family, they can choose one or more family members to nominate, as explained in the rules of the EPF plan from 1952.
If a member doesn’t have any family members, they can pick someone else to nominate, but if they later get a family, that nomination won’t count anymore.
Claim Forms
You can reach out to Viriksha HR Solution to learn more about the Employees’ Provident Fund Act.