PF Act 1952 benefit and rule for an Employee
1. PF statutory limit is 15000/- Basic +Allowance (Except HRA)
2. PF Statutory Contribution is Rs. 1800/- per month
3. In PF Act Employees can contribute Voluntary Contribution of PF from 1% to 100% more.
4. PF Act employer max contribution is Rs. 1800 on statutory limit of Rs. 15000/- (Basic +Allowances Except HRA)
5. Current Interest on PF Contribution is 8.15% for the F.Y. 2022-2023
6. Employer contribute 0.5% for EDLI Insurance and employee's contribution is NIL in EDLI Ac
7. Employer contribute 0.5% for PF Admin Charges and employee's contribution is NIL in EDLI Ac
9. Employer contribute 3.67% in Employee Provident Fund Account
10. Employer Contribute 8.33% of Employee Pension Scheme.
11. Now PF all services is online e.g Balance check, Advance Claim, PF Transfer, KYC, Nomination & withdrawal, Correction etc.
12. Provident Fund: - PF is a money saving benefit for the future purpose.
13. EDLI: It is a Life Insurance Benefit of min Rs. 250000 to max 700000 lakhs dependent.
14. Pension Benefits: - This benefit gives Pension benefit after retirement/Death/ Disability to member or nominee/ two children.
15. PF Advance Benefits: An Employee takes advance from PF Ac in any emergency case.
16. Now no need of employer approval at time of claim if PF all kyc is completed by employee
e.g withdrawal, exit mark, advance claim e-nomination.
17 Bank KYC, PAN KYC is processed only by employees and adhaar kyc pf system already processed at time of joining in PF.
18. Tax Benefit also gets in PF contribution income tax under section 80C Upto 1.5 Lakhs.
19. PF is Social Benefit scheme for employee for and their family.
20. No middle man required at time of PF claim if Aadhaar, PAN, and Ban's kyc done with same records.
21. Employee can PF claim through PF App UMANG for PF Official Website www.epfindia.gov.in online.
22. PF Department has a Online Grievance System if any issue will be face.
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