Benefits of EPF Scheme

The Employees' Provident Funds Scheme 1952 (EPF)
Benefits	1.      Accumulation plus interest upon retirement, resignation , death. Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness etc. 2.      Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness etc.
Nomination	1.      There is a common Form for all the three Schemes. Form 2 (R) The nominations in case of EPF Scheme are also applicable for the EDLI Scheme. 2.      Member having family can nominate any one or more of the family members as defined under the Para 2 (f) of the EPF Scheme, 1952. 3.      Member not having any family member as defined in the said Para can nominate any other person, but the nomination will become invalid in case of the member acquiring family.
Claim Forms	1.      For final settlement by member: Form 19 2.      For Transfer of old account to the new one: Form 13 3.      For Withdrawal in certain cases: Form 31 4.      For financing LIC Policy: Form 14 5.      For final settlement in favour of nominee/ beneficiary of a deceased member: Form 20

 

The Employees' Pension Scheme 1995 (EPS)
Benefits	1.      Monthly benefits for superannuation/ retirement, disability, survivor, widow (er), children. 2.      Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment. 3.      Minimum pension on disablement. 4.      Past service benefit to participants of erstwhile Family Pension Scheme, 1971.
Nomination	1.      Member has to give the names of Spouse and all children in the prescribed Form. 2.      In case the member has no family, one person can be nominated. 3.      However, such nomination will become invalid once the member acquires a family.
Claim Forms	1.      For Monthly Pension: Form 10D 2.      For Withdrawal Benefit and Scheme Certificate: Form 10C

 

The Employees' Deposit Linked Insurance Scheme 1976 (EDLI)
Benefits	1.      The benefit provided in case of death of an employee who was member of the scheme at the time of the death. 2.      According to revised scheme payment of benefit amount to be 20 times of the wages or based on the deposit in the Provident Fund, which ever is less. With the increase in the wages ceiling from 6500/- to 15000/- from 01.09.2014, the maximum benefit amount has become 3 lakh and an additional 20% of the benefit amount calculated is also paid.
Nomination	1.      The nomination under the EPF Scheme will be applicable for the EDLI Scheme also.
Claim Forms	1.      For claiming Insurance Benefit by a nominee/ beneficiary in case of member’s death while in service: Form 5IF