If your monthly salary is Rs 50,000 and you are 30 years old. You get 12% contribution from EPF side. Apart from this, suppose that every year your salary is increasing at the rate of 10 percent.
Image Credit source: NewsNCR Network
Employees’ Provident Fund Organization ie EPFO has increased the interest rates on the provident fund available to the employees. EPFO’s decision will benefit about 7 crore employees. But do you know who and how will get the benefit of this decision of the government. Let us tell you.
The decision taken by the Central Board of Trustees (CBT) will now be sent to the Finance Ministry. After this, a notification will be issued by the Ministry of Finance. After the notification comes from the Ministry of Finance, it will be effective and then you will get the increased interest of your PF in your account. It is a matter of when the money will be received. Now let’s talk about which employees will be able to get the benefit of this.
read this also: This special FD is going to close in three days, if you do not invest then you will regret later
They will get the benefit of increased interest
- All 7 crore members of EPFO will be able to get the increased interest.
- Voluntary Provident Fund i.e. VPF depositors will also be able to get the benefit of this decision.
- Apart from this, the benefit of this decision of the government will also be given to such employees whose EPF accounts have been opened by the trust.
- Last year, EPF kept the interest rates at 8.10 per cent, which has now been increased to 8.15 per cent. That means now you will get Rs 8150 instead of Rs 8100 interest.
This is how a retirement fund of 5 crores is prepared from EPF
If your monthly salary is Rs 50,000 and you are 30 years old. You get 12% contribution from EPF side. Apart from this, suppose that every year your salary is increasing at the rate of 10 percent. You get 8.10 percent interest from EPF on this amount (which is till now), so in this sense you will get a fund of Rs 5,04,07,319 at the time of retirement. According to this calculation, you can create a fund of 5 crores with a monthly salary of 50 thousand.
read this also: EPFO’s big decision, the government has increased the interest on your PF
: Language Inputs