New Delhi: In the month of October, crores of employees and pensioners of the country have received a big gift. In fact, on the occasion of Diwali, many states including the central government have increased the dearness allowance of their employees and pensioners, due to which the salary and pension received in the month of October will increase.
At the same time, the Employees’ Provident Fund Organization (EPFO) has also made a big announcement regarding its pensioners. The Employees’ Provident Fund Organization (EPFO) has recommended all zonal and regional offices to give necessary instructions to the banks paying pension under their jurisdiction to ensure that the above work is being done.
Pension will come in your account today
EPFO issued a circular saying, “Keeping in view the upcoming Diwali festival and related public holidays, it has been decided to release the pension for the month of October 2024 on 29th October 2024. The objective is to ensure that pensioners get their pension in advance without any delay and they can withdraw their pension on 30th October as 31st October is a holiday.”
Tax free interest is available on EPF
Let us tell you that both the employee and the employer contribute to EPF. The employee’s contribution is 12%, while the employer also contributes 12%, out of which one part goes to the employee’s provident fund and the other part to the employee’s pension scheme. Any employee can open an employee fund account.
At the same time, it is mandatory for all employees earning more than Rs 15 thousand per month to contribute to EPF. It receives interest determined by the government, which is revised every year. Let us tell you that the interest received on EPF is tax free. Employees can withdraw EPF amount for various reasons such as retirement, illness, education, buying a house, or marriage. There are some terms and conditions for withdrawal.
