Even if the job is lost due to corona pandemic or other reasons, PF, Pension and EDLI can be availed. For this, EPFO (Employees' Provident Fund Organization) is preparing to make a significant change. The EPFO's decision will benefit millions. People who have lost their jobs for some reason will benefit from the EPFO's decision.
According to an Economic Times report, the EPFO (Employees' Provident Fund Organization) is preparing a special scheme for those people. Who is already a member, but for some reason lost their job. So they had to go to the informal sector. These people can avail the benefit of PF by paying a minimum of Rs.500 or 12% monthly income. An EPFO official was quoted as saying that work was underway on the proposal.
According to the EPFO (Employees' Provident Fund Organization), between 2018 and 2020, about 48 lakh people have opted out of EPFO subscriptions. The Corona pandemic could increase that number. If the EPFO proposal is approved, millions of people could benefit.
You will get this benefit with more interest -This scheme allows the members to earn more interest than any Saving Account or any other Saving Scheme. In addition, under Pension (EPS), PF and Employees Deposit Linked Insurance up to Rs 7 lakh insurance cover will be available. EPFO's interest rate for the financial year 2020-2021 is 8.5 per cent. This interest rate is higher than the interest earned on any Savings Account and Fixed Deposit. The bank offers interest rates ranging from 3.5 per cent to 6.25 per cent on all savings accounts. When it comes to FDs, the bank offers interest rates ranging from 2.5 per cent to 5.75 per cent.