Any business that wants to apply for PF has to submit the following documents:
Apart from the employee’s contribution to the EPF, the employer adds an equal amount that is included in the Employee Pension Scheme (EPS). Therefore, EPF saves you a strong pension.
In case of instances such as illness, demise or retirement, the Provident Fund helps the dependents of the employee by covering the financial risks faced in such situations..
The PF account can be transferred while switching employment. This can be carried forward rather than discontinued. This uniformity ensures that the rate of return is compounded over the years.
An emergency is set to happen at any time in life. EPF funds can help a lot during accidents, illnesses, weddings, and educational expenses.
Any person who has a PF account is eligible for this insurance scheme, which requires only a 0.5% salary deduction as a premium.
A PF account can be of great help for long-term goals such as buying a property or setting up funds for children
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