New Delhi: The Modi government at the Center can give a great deal to the jobbers. According to media reports, like the EPF, it may also be mandatory to take an early pension scheme. If you understand in easy languages, like EPF, you will have to deduct money from a salary every month for the soon pension scheme. The employee will be able to decide how much money will be deducted.
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According to the news published in the English newspaper, this decision will benefit millions of employees. Giving information, Finance Secretary Rajiv Kumar has said that the system will be prepared soon for this and every month, at least 100 rupees can be deducted by the employee and the company can give the same on its behalf. He says that those who are young today will need money when they are old tomorrow. Employed people are usually worried about their PF account.
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Most people, especially those working in a private company, are not aware of the pension received with EPF. Experts say that the amount deducted from the salary of the jobber goes to two accounts. The first is provident fund ie EPF and second is pension fund ie EPS. The money deducted from the salary of the employee 12 percent of the employee gets deposited in EPF. Apart from this, 3.67 percent is deposited in EPF on behalf of the company and the remaining 8.33% is deposited in Employees Pension Scheme (EPS).
