EPFO account holders have to fulfill certain conditions to avail the additional bonus. In which the money should be deposited in the Employee Provident Fund for 20 years. After which EPFO gives additional bonus to its account holders under the loyalty cum life benefit.
EPFO subscribers get term insurance of Rs 7 lakh. Almost everyone is aware of this. But not many people are aware that EPFO account holders also get additional bonus after retirement. Which is credited only in the balance of your EPFO account. Also, you can withdraw this amount at any time of your need. However, some conditions have to be followed to get it. Everything you need to know about Provident Fund account holders. Let’s know about the rules for getting this extra bonus.
Bonus is decided in this way – Additional bonus is decided on the basis of basic salary of EPFO account holders. The basic salary of whose account holders is 5 thousand rupees. They are given an additional bonus of 30 thousand rupees by EPFO. Also, people whose basic salary is between Rs 5 to 10 thousand, they get an additional bonus of Rs 40 thousand. Whereas those whose salary is more than 10 thousand rupees. They get an additional bonus of Rs 50,000.
This condition has to be fulfilled for additional bonus – EPFO account holders have to fulfill certain conditions to get additional bonus. In which the money should be deposited in the Employee Provident Fund for 20 years. After which EPFO gives additional bonus to its account holders under the loyalty cum life benefit. Let us tell you that only those account holders who have deposited money in PF account for 20 years get this benefit.
These account holders get exemption from the limit of 20 years – Employees who have become disabled before the completion of 20 years are exempted from the condition of 20 years. Additional bonus is given on the retirement of such employees. However, additional bonus is given to such people on the basis of their basic salary.
EPFO account holders get insurance of Rs 7 lakh – In case of illness, accident or natural death of EPFO subscribers, the nominee gets an insurance cover of Rs 7 lakh. This insurance cover is available only to those families. Whose family members have been employed in more than one establishment within the 12 months immediately preceding the death.
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