New Delhi: The central government provides many benefits to crores of employed employees of the country who contribute to the Employees’ Provident Fund Organization (EPFO).
If you also contribute to EPFO, you can benefit 50 thousand from a scheme of government. Employees get many facilities under EPFO.
The EDLI scheme provides benefits like insurance, pension, and income tax deduction up to Rs 7 lakh.
Apart from this, there is also loyalty-cum-life benefit. The employee who keeps regular contributions to his EPF account for 20 consecutive years.
He is getting a benefit of up to 50 thousand rupees on retirement. Let’s know how?
What is loyalty-cum-life scheme?
To take advantage of the loyalty-cum-life scheme, employees are advised to continue contributing to their EPF even if they change jobs.
In fact, during the lockdown due to the outbreak of Corona epidemic in 2020, the CBDT had recommended extending the
benefit of loyalty-less life to those account holders who have contributed to their EPF account for 20 years.
Therefore, if someone is eligible for this, then they get a benefit of 50 thousand rupees.
Which employees get how much benefit
Employees depositing EPF under Loyalty-cum Life, people with a basic salary of up to Rs 5,000, are given benefits of up to Rs 30,000.
At the same time, those getting a basic salary between 5001 to 10 thousand rupees will benefit from 40 thousand rupees.
If the basic salary is more than Rs 10,000, they are given a benefit of Rs 50,000.
At the same time, giving another piece of information, let us tell you that the Employees Provident Fund Organization has warned the account holders about the danger of online fraud.
EPFO said that the fraudsters are asking for their details from the employees.
EPFO tweeted that if a person claiming to be a member of the Pension Fund organization asks you for your account or other confidential information, do not give it at all.
