PF withdrawal request rejected? Avoid THESE mistakes to receive Provident Fund savings on time

Both employee and employer contribute 10% of employees basic salary monthly as part of PF investments to the former’s account registered with the Employee Provident Fund Organisation (EPFO). 

New Delhi: Provident Fund (PF) is one of the safest investment instruments for millions of working-class professionals. Both employee and employer contribute 10% of employees basic salary monthly as part of PF investments to the former’s account registered with the Employee Provident Fund Organisation (EPFO). Previously, employees and private employers used to contribute 12% of the basic salary of the employees. The amount deposited in the EPF account of an investor can be withdrawn at the time of retirement, resignation and other emergency circumstances.  For instance, the EPFO, treating COVID-19 as a crisis, has allowed its investors to withdraw a part of their savings to sail through these tough times. You can also withdraw a part of PF funds under several other circumstances.   PF investments are also popular because of higher return rates. At present, EPF is offering an 8.5% interest rate on an annual basis.