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Benefits
 
1. Provident Fund benefits
a) Employer also contributes to Members PF @ 3.67% (1.67% in case of sick industry - eg: beedi)
b) EPFO guarantees the Employer contribution and Govt. gives a decent interest to PF accumulations
c) Member can withdraw from this accumulations to cater financial exigencies in life - No need to refund unless misused
d) On resignation, the member can settle the account. i.e., the member gets his PF contribution, Employer Contribution and Interest.
2. Pension Benefits

a) Pension to Member

b) Pension to Family (on death of member)

c) Scheme Certificate

This Certificate shows the service & family details of a member
This is issued if the member has not attained the age of 58 while leaving an establishment and he applies for this certificate
After attaining the age of 50 or above, the member can apply for Pension by surrendering this scheme certificate (if total service is atleast 10 years)
This is a better choice than Withdrawal Benefit, as a member dies holding a valid scheme certificate, his family will get pension (Death when NOT in service)
d) Withdrawal Benefit
If not eligible for pension, member may withdraw the amount accumulated in his pension account
The calculation of this amount is based only on (i) Last average salary and (ii) Service (Not based on actual amount available in Pension Fund Account)
e) No amount is taken from Member to give Pension to the Member. Employer and Govt. contributes to Pension fund @8.33% and @1.16% respectively
f) EPFO guarantees pension to members, even if the Employer has not contributed to Pension Fund.
g) Pension calculation is similar to that of Govt. Employee.
3. Death Benefits
a) Provident Fund Amount to Family (or to Nominee)
b) Pension to Family (or to Parent / Nominee)
c) Capital Return of Pension
d) Insurance (EDLI) amount to Family (or to Nominee)
No amount is taken from Member for this facility. Employer contributes for this.
e) Nominee is basically determined as per the information submitted by the member at this office through FORM-2
 
 
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