EPFO News: Do you know, there might be a significant surprise waiting for you in your Employees Provident Fund (EPFO) account. The EPFO has an amazing programme called the Loyalty-Cum-Life Benefit Provision, which pays out bonuses of up to ₹50,000 to loyal customers!
What is the Loyalty-Cum-Life Benefit Provision?
With this programme, the EPFO is expressing its gratitude to members who have demonstrated commitment by continuously contributing to their retirement funds over a 20-year period.
How Much Can You Get?
The benefit amount depends on your salary bracket:
- Up to ₹5,000 basic salary: Get a ₹30,000 bonus!
- ₹5,001 to ₹10,000 basic salary: You’re eligible for a ₹40,000 benefit.
- Above ₹10,000 basic salary: Enjoy the maximum bonus of ₹50,000!
How to Qualify for the Bonus
There is only one essential requirement, you must make contributions to the same EPF account continuously for twenty years. Remember to notify your current and former employers to maintain your EPF account, even if you change employment! This guarantees that your contributions won’t be cut off.
Maximise Your Retirement Savings
The Loyalty-Cum-Life Benefit Provision is a good way to increase your retirement savings. By staying committed to your EPF contributions, you can unlock this bonus and secure a bright financial future.
Examine your past EPF contributions and make plans to continue contributing for a minimum of 20 years in order to benefit from the Loyalty-Cum-Life Benefit Provision.