Employees' Provident Fund Organisation (EPFO) subscribers most of the time do not know concerning numerous EPFO rules like EDLI theme giving insurance of up to Rs six hundred thousand, pension, taxation deduction on PF withdrawal before 5 years, etc. because of the shortage of information of those EPFO rules, they persevere trauma cash by creating mistakes. The loyalty-cum-life profit given by the EPFO to the EPF account holders is one such example. during this profit, Associate in Nursing EPF account holder is eligible for up to Rs fifty,000 on retirement together with alternative EPF edges provided he or she has contributed to for a minimum of twenty years. So, Associate in Nursing EPF account holder is suggested to continue with an identical EPF account even once he or she is switch jobs. it'll modify them to fulfill the minimum of twenty years' condition to become eligible for the loyalty-cum-life profit."The CBT had sent its recommendation on thirteenth April throughout imprisonment recommending loyalty-cum-life profit to the EPF account holders UN agency are endlessly conducive in their account for a minimum of twenty years. Now, this has been approved by the central government, which implies EPF account holders UN agency is meeting the condition of twenty years square measure currently eligible for up to Rs fifty,000 profit, that is exclusive from alternative EPF edges.
Asked concerning the small print of this loyalty-cum-life profit Solanki same, "As per the small print of this loyalty-cum-life insurance profit granted by the govt, those whose basic monthly earnings is up to Rs five,000 are going to be eligible for Rs thirty,000 profit, those whose monthly basic earnings is from Rs five,001 to Rs ten,000 are going to be eligible for Rs forty,000 loyalty profit whereas for those whose monthly basic earnings are higher than Rs ten,000 they're going to lean Rs fifty,000 loyalty profit."
On however EPF account holders will lead with their EPF account and become eligible for this up to Rs fifty,000 advantage of the EPFO; Manikaran Singhal, a SEBI registered tax and investment knowledgeable same, "The best thanks to continuing with one's EPF account even once you square measure switch jobs. For that, you wish to let your current leader and therefore the new leader realize you choose to continue with identical EPF account." He same that PF withdrawal isn't sensible at any time because it results in a financial loss within the sort of taxation if the EPis a smaller amount than five years previous, pension profit loss a loyalty profit loss still.
Above article says that the Loyalty cum Life benefit has been approved after 20 years of continuous membership of EPF in three slabs of Rs. 30,000, 40,000 & 50,000. No doubt, such a proposal was discussed in the 217th Meeting of CBT held on 12.4.2017 vide Agenda no. 13 (Copy being attached for your ready reference).
BUT NO CONFIRMATION HAS YET BEEN SEEN/ NOTICED ANYWHERE ON THE WEBSITE OF EPFO. THIS NEEDS TO BE AUTHENTICATED.
COPY OF THE AGENDA NO. 13 & MINUTES OF THE 217TH MEETING OF CBT HELD ON 12.4.2017
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