EPFO News: If you lose your job due to any reason, then you will continue to get the benefit of PF and pension. For this EPFO is going to make big changes. According to an estimate, lakhs of people will benefit from this.
EPFO News: PF, pension and EDLI can be availed even if the job is lost due to corona epidemic or any other reason. EPFO is going to make important changes for this. It is expected that lakhs of people will benefit from this. According to a media report, the EPFO (Employees’ Provident Fund Organisation) is in the process of bringing a special scheme for those who have been its members earlier.
Such people who are forced to go to the informal sector due to job loss or any reason, they will be able to take advantage of this by contributing a minimum of Rs 500 or 12 percent of the income every month. Quoting a government official, it has been said in the report that work has started on this proposal.
According to an EPFO estimate, around 48 lakh people opted out of EPFO subscription during 2018-2020. This figure may increase significantly later due to the Corona epidemic. If this proposal of EPFO is able to get off the ground, then it will give relief to lakhs of people.
With this, customers will not only be able to get more interest from a savings account or many other savings schemes, but they will also get an insurance cover of up to seven lakhs under Pension (EPS), PF and Employee Deposit Linked Insurance. will also benefit. The EPFO interest rate for the financial year 2020-21 is 8.5 percent.
This is better than the interest on savings account and fixed deposit. At present, banks are giving interest ranging from 3.5 percent to 6.25 percent on savings accounts. If we look at FD, banks are currently giving interest at the rate of 2.5 percent to 5.75 percent.
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