If you want to double your PF money, do this quickly
The biggest concern of jobless people due to rising inflation is that there is no saving after daily expenses. So it’s hard to save after retirement. But by doing this you can double the money of EPF. Let us know.
Good news for EPFO employees
Now PF's money can double
You have until April
However, savings under the Employees Provident Fund are a big relief for this class. This saving is possible because it is automatically deducted from the salary every month. But did you know that you can also double these savings of the Provident Fund? There are two benefits to doubling the savings made by provident funds. First it increases your retirement fund. At the same time, the more you deposit, the more interest you will get. Under the EPFO rules, companies offer their employees the opportunity to increase their contribution to the PF. For this, you have to make some changes in your celery structure
Opportunity to make a decision in April
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With the start of the financial year in April, it’s even more special for people than jobs. Private sector companies are changing the salary structure of all their employees this month. Employees receive an appraisal in the same month. This month, you have the opportunity to double your contribution to the EPF. You can ask your company / employer to increase the PF contribution to the EPF account. However, this will reduce your monthly salary. But, this small deduction every month can give you relief for life after retirement.
How will you benefit?
If your employer contributes more to the EPF, more money will be credited to the provident fund account. This will increase the retirement fund. Currently, the provident fund is earning 8.55 per cent interest. If the contribution increases, the interest earned will also increase. But you also have to keep in mind that the contribution should not be more than Rs 2.5 lakh per annum. The government has said that under the new provisions in the budget, interest earned on contributions above Rs 2.5 lakh will have to be taxed.
Rules of Employees Provident Fund Organization
According to the EPFO rules, every employee is allowed to ask his company to increase the PF contribution. Under the rules, 12 per cent of the basic salary and inflation allowance of any job occupation is credited to the employee's share. Similar contributions are also made by the company. Under the rules, if the employee wishes, he can increase his contribution to 100% of the basic salary every month.
How will PF's money double?
If a person doubles his contribution, his PF fund will also double. If a person makes only 12 contributions as per the rule, it will increase to 24 per cent. Interest on this amount will also increase. The benefit of compounding is available on the interest earned on the employee provident fund. In such a case, you will also get more interest on making contributions every month. You will also get the benefit of interest on interest every year. This way, you will be able to save a large amount at retirement.
source by source by :https://www.vtvgujarati.com/
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Also read GUJARATI