EPFO:- the EPFO stands for Employee Provision Fund Office. Every month the employee and the employer have to contribute the amount into the PF account and the government is paying the interest on the deposited amount. Here yearly, the employee can deposit Rs 1,50,000 and similarly, the employer will deposit. If you talk about the monthly deposit it will be Rs 12,500 and the employee and the employer can deposit the maximum amount. Well right now the current interest that the employees are getting from the EPFO is 8.1%.
Once the employee takes the retirement then they have a couple of choices to take the amount from the PF i.e. they can eat that take out the complete amount from the PF or they have the option for the monthly pension on the amount deposited in the PF.
Additionally, the employees who are working, have the option to take the partial amount from the PF before the retirement if needed.
If the employee gets fired or laid off or has taken the legal steps then in this case the employee has the option to withdraw the amount from the PF up to 50% earlier. In case if the company or the established organization gets closed for up to 6 months then in this case the employees can withdraw the whole amount present in the EPFO account.
In the future when the company or the organization reopens at that condition the employees will be given 36 installments and the employees have to repay all the amount from their salaries in these 36 installments. If the company or the organization is closed over 5 years then the employee can request in writing to the EPFO that the amount should be treated as nonrecoverable advance which means they will not pay back these amounts. Generally, this will help out those employees who are out of work for an extended period.
The employees can use the website or the application named Umang app from their smartphones to avail of all these facilities. While visiting on the website or the Umang application the user has to enter their UAN (UNIVERSAL ACCOUNT NUMBER) number. After entering the UAN number on the website or the application the employees can access the EPFO and manage their account according to themselves also they can request the amount online as per their needs.
In the condition that an employee is unemployed for a month then the employee can request 75% percent of the amount that is percent in their PF account. EPFO also offers many pension schemes such as monthly pensions, emergency pensions, catering to various financial needs, and the lump sum amount after the retirement.