InvestorQ : What are the changes in salary limit for EPF and who is eligible for it?
Nikita Damle made post

What are the changes in salary limit for EPF and who is eligible for it?

Answer
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natasha Samani answered.
1 month ago


Earlier the monthly salary limit for joining the Provident Fund Scheme was Rs 6500 per month, however, with a recent notification the limit has been increased to Rs 15,000 per month. This scheme makes provision for employees who work in an organized sector to provide them with benefits of pension after the retirement age of 58 years and one has to remain in service for ten years to avail of the benefits.

Eligibility:

  1. One should be a member of EPFO
  2. Completed 10 years of service
  3. Withdraw his EPS at a reduced rate from the age of 50 years.
  4. He can also defer his position for two years, after which he will receive interest at the rate of 4% per annum.
  5. One has reached the age of 58 years.