EPFO Retirement Bonus: EPFO gives many types of benefits to all PF account holders. After the changes made shortly before, it has been decided to give bonus on retirement to the PF account holders.
Many types of benefits are given to PF account holders by EPFO. These benefits range from pension to insurance. One such benefit is the retirement bonus, which just requires a little care to get it. With this, you can get an additional bonus of up to Rs 50,000 from EPFO at the time of retirement.
This condition is necessary to get the bonus
EPFO gives this bonus to PF account holders under Loyalty-cum-Life Benefit. Its benefit is available to those PF account holders who have deposited in the PF account for at least 20 years before retirement. EPFO had decided to give bonus to such account holders in a change made shortly before.
Get at least so many thousand as bonus
This benefit is available to every PF account holder who fulfills the condition of 20 years. Out of these, whose average basic salary is up to five thousand rupees, they get a bonus of 30 thousand rupees on retirement. Similarly, people with a basic salary of Rs 5,001 to Rs 10 thousand are given a bonus of Rs 40 thousand on retirement. Those whose basic salary is more than 10 thousand rupees, they are given a bonus of 50 thousand rupees by EPFO.
On being permanently disabled, the condition of 20 years is removed
If a PF account holder becomes permanently disabled before completing 20 years, then in this situation also the benefit of bonus is given by EPFO under Loyalty-cum-Life Benefit. In this case also, the benefit of bonus is decided on the basis of basic salary.
At least this insurance cover is available on untimely death
The Central Board of Trustees (CBT) has likewise decided to provide an insurance cover of at least Rs 2.5 lakh in case of untimely death of the PF account holder. The EDLI insurance cover has also now been increased to Rs 7 lakh. Before this change, there was no provision of minimum insurance cover and maximum cover was Rs.6 lakh.Live TV
