- Benefit
is payable in Lump-Sum.
-
12% Contribution from both Employees and Employer.
-
8.33% of Employer's contribution to EPS95.
-
Tax benefit to approved fund.
-
Accumulated value with interest is returned on leaving the service.
Provident
Fund is a defined benefit scheme, where benefits are paid in lump-sum
on exit. It is mandatory for all organization Employing more than 19 employees.
Employer and Employees both contribute 12% of the wage bill to the fund.
The accumulated amount with interest is returned to Employee on the retirement.
After the introduction of EPS-95 part of the contribution to PF is diverted
to State Pension Scheme, which provides salary linked benefits on Superannuation.
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