What does EPFS mean in EMPLOYMENT
Employees Provident Funds Scheme (EPFS) is a retirement savings plan introduced by the Government of India. The EPF scheme helps salaried individuals in saving a portion of their income in the form of contributions that are made to a provident fund account. The amount saved through the EPF scheme can be used as retirement funds.
EPFS meaning in Employment in Governmental
EPFS mostly used in an acronym Employment in Category Governmental that means Employees Provident Funds Scheme
Shorthand: EPFS,
Full Form: Employees Provident Funds Scheme
For more information of "Employees Provident Funds Scheme", see the section below.
Essential Questions and Answers on Employees Provident Funds Scheme in "GOVERNMENTAL»EMPLOYMENT"
What is Employees Provident Funds Scheme (EPFS)?
It is a retirement savings plan introduced by the Government of India that allows salaried individuals to save a portion of their income in the form of contributions to a provident fund account.
Can I access my EPF account online?
Yes, you can access your EPF account online through the UAN portal with your Employee Identification Number (UAN).
Are there any tax benefits associated with EPF?
Yes, you can avail tax benefits on up to Rs.2 lakh per annum as per Section 80C of Income Tax Act 1961 if you contribute to an EPF scheme.
How much should I contribute towards my EPF account?
Contributions towards an EPF account depend on different factors like your salary and employer's contribution. Generally, employers contribute up to 12% while employees contribute up to 10% towards their PF accounts every month.
When can I withdraw my PF money?
Generally, withdrawals from an employee's provident fund are allowed only after they have completed five years of continuous service or upon attaining age 58 years, whichever is later. The withdrawal can also be done in case of medical emergency or financial hardship during employment period, with prior approval from concerned authorities.
Final Words:
Employees Provident Funds Scheme provides an effective way for salaried individuals to save for the future and enjoy tax benefits at the same time. Withdrawals from these accounts are however subject to certain conditions such as tenure and other special requirements according to government regulations.