EPF Contribution Table 2022 PDF

EPF Contribution Table 2022 PDF Download

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EPF Contribution Table 2022 PDF Details
EPF Contribution Table 2022
PDF Name EPF Contribution Table 2022 PDF
No. of Pages 3
PDF Size 0.4 MB
Language English
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EPF Contribution Table 2022

Dear reader, if you are searching for EPF Contribution Table 2022 PDF and you are unable to find it anywhere then don’t worry you are on the right page. Employees’ Provident Fund EPF is one of the popular savings schemes launched under the aegis of the Government of India. The Ministry of Labor regulates the EPF schemes in India. This is the main scheme under the Employees’ Provident Fund and Other Rules Act, 1952. Employees’ Provident Fund Organization (EPFO) manages this savings scheme.

The objective of the program is to create a sufficient leave corpus for an individual. This makes it a habit for the salaried class employee to save money. The fund also includes cash contributions from both the employer and the employee. Each of them is required to contribute 12% of the basic salary (basic + gross) of the employee to this fund every month.

When a person retires, they receive the full contribution (of the employee and the employer) in bulk along with interest. The rate of return is determined by the EPFO. Also, there is no tax on the interest earned. The government of India has made it mandatory to contribute to this project. Hence, it is considered a low-risk investment as the government manages it.

EPF Contribution Table 2022 PDF – EPF Contribution Rate 2022

Category Percentage of contribution (%)
Employees Provident Fund 3.67%
Employee Pension Scheme (EPS) 8.33%
Employee’s Deposit Link Insurance Scheme (EDLIS) 0.5%
EPF Admin Charges 1.1%
EDLIS Admin Charges 0.01%

What is PF Account Number?

Every company registered with EPFO ​​provides Future Deposit Fund (PF) account numbers to its employees. PF number is an alphanumeric code. It represents the State, Regional Office, Institution, and PF Membership Code. PF Foundation manages the PF number. PF number is not unique, it changes when an employee changes jobs. Universal Account Number (UAN) is a unique number assigned to PF members. Whenever an employee changes his job, his PF account number changes. However, the UAN number remains the same.

Employee Provident Fund Interest Rate

The current interest rate for EPF for the financial year 2021-22 is 8.10% p.a. This interest rate is calculated every month and then transferred to the Employees’ Provident Fund accounts on 31st March every year. Interest earned on EPF is tax-deductible.

This ratio is pre-determined by the Government of India (GOI) in collaboration with the Central Board of Trustees (CBT). CBT governs the law. The rate of interest declared by the Government of India is valid for a financial year from 1st April of one year to 31st March of the following year.

If there is no contribution in the EPF account for three consecutive years, then the account becomes inactive or dormant. In such cases also interest is paid on the EPF account till the employee retires. However, for retired employees, no interest is paid on non-performing accounts. Interest earned on non-performing accounts will be taxed at the employee’s tax rate. Thereafter, the employer’s contribution to the Employees’ Pension Scheme (EPS) will not be subject to interest. However, a member is eligible for their pension only after the age of 58 years.

EPF Withdrawal

A fixed amount is deposited every month in the PF account. This amount consistently earns interest and builds a large corpus. At the end of the job, a huge amount is collected in the EPF account to help an individual meet their financial needs during their retirement.

When a person retires at the age of 58 years, 100% of the corpus can be refunded. If a person is 54 years of age or above, 90% of his EPF corpus can be withdrawn before one year of retirement. Although EPF is considered a pension savings scheme, the amount can be withdrawn with certain exceptions.
Quick return in case of emergency

Advance PF withdrawal is also allowed during a financial crisis. One can withdraw only after 5 years of service. One of the following examples can be partially withdrawn:

  1. wedding
  2. Higher education
  3. purchase of land/house
  4. medical urgency
  5. mortgage repayment
  6. housing renovation

Here you can download EPF Contribution Table 2022 PDF by clicking on this link.

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