Retirement planning is very important. It cannot be left to chance.
A taxable portion in which contributions above Rs 2.5 lakh will be accounted for and the interest earned thereon will be taxed.
A person might have multiple PF accounts for different reasons, but that is not a very good practice, after the introduction of UAN.
It is better to file your tax early as it will help to have peace of mind by avoiding penalties. It will also help in getting your refund if any.
EPF and PPF are both considered as the safest, secure and guaranteed instruments for creating good retirement corpus.
Even if you cobbled up a decent kitty for your retirement, you have to be careful with your finances during your golden years.
The entire maturity sum can be withdrawn from EPF account on maturity. In NPS, it is mandatory for 40% of the matured amount be invested in annuities
Both EPF and PPF offer higher interest rate compared to other fixed income instruments such as bank FDs
If an employee has no dependents, the pension is payable to a single nominee
No premium is payable by the employees for availing insurance cover under the EDLI scheme