EPFO has decided to pay Interest rate of 8.75% for PF deposit for the year 2014-2015
- What is PF / Provident Fund. ( Provident Fund Explained )
PF or provident fund is calculated as a percentage of your salary ( Basic pay and Dearness allowance if any). The present rate is 12% and the same will be cut from your salary and a matching contribution will be paid from your employer reduced by contribution to your pension fund.
The amount will be refunded along with interest when you retire. If you are resigning you have the option of transferring the the PF balance and continue with the new employer.
The amount will be refunded along with interest when you retire. If you are resigning you have the option of transferring the the PF balance and continue with the new employer.
- What is EPFO ?
The Employees' Provident Fund Organisation in Hindi we call it as कर्मचारी भविष्य निधि संगठन), abbreviated to EPFO, is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.
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