Last Chance! If you want to double your PF money, then the work will be done with just one request.

New Delhi. If you are employed then this is a great opportunity for you to secure your future. Let us tell you how you can increase the money in your PF (Provident Fund) fund or even double it. Generally, private companies appraise their employees in April, but this time even if the appraisal is not done, you can still ask for a change in your salary structure. In such a situation, you can request your company to increase your PF contribution. This can increase your savings for the future.

This is how your contribution will increase
If the company accepts your request, then your contribution to the PF account every month will increase. With this, your PF amount will double or even more on retirement. This time the Employees Provident Fund Organization has recommended 8.50 percent interest on the Employees Provident Fund i.e. EPF. At present, this is the best interest rate in the government scheme. In such a situation, you can also avail the benefit of higher interest on PF by increasing your PF contribution.

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Is this the rule?
According to the Employee Provident Fund Act, any member of EPFO ​​can increase his monthly contribution in PF. Every month, 12 percent of the employee’s basic salary and DA is contributed towards PF. The company’s contribution is only 12 percent. Any employee can increase his monthly contribution. It can also be 100 percent of basic salary.

EPFO rule?
EPFO rules give every employee the option to increase their PF contribution by asking their company. He is given this exemption under the Employee Provident Fund Act. According to the rules, 12 percent of the basic salary and DA is deposited in the employee’s share in the provident fund. At the same time, the same amount is deposited in the employee’s account by the company. According to the rules, any employee can increase his monthly contribution up to 100 percent of the basic salary.

How will PF money be doubled?
If any employee doubles his monthly sum, his PF fund amount will automatically double. For example, in the current system, 12 percent PF is contributed on the basic salary. But, if the employee increases it to 24 percent, his PF fund will also double.

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You will get the benefit of double interest
Apart from growing your PF fund twice as fast, you will also get the benefit of double interest on it. Actually, interest on PF is calculated using compound interest formula. This is also called compounding interest. In such a situation, the fund will be deposited double and you will also get the benefit of interest on interest every year. In this way, a huge fund will be prepared for your retirement.

Tags: Benefits of PF, EPFO website, PF account, PF contribution

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