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The Employees' Pension Scheme (EPS) has been controlled by the EPFO since 1995. The main advantage of this scheme is to provide social security to PF members. Under this scheme, employees working in the organized sector can gain pension benefit after reaching age 58. This EPS applies to new and existing members.
One can voluntarily open an account with any nationalized bank, selected authorized private bank or post office. The account can be opened in the name of individuals including minor. The minimum amount is ₹500 which can be deposited. The rate of interest at present is 7.1% per annum (as of April 2020). Interest received is tax free.
As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan. Specific provident funds include: Employees' Provident Fund Organisation, India's statutory retirement plan
Employees Provident Fund or Employees' Provident Fund refer to: Employees' Provident Fund Organisation, in India Employees Provident Fund (Malaysia) Employees Provident Fund Nepal Employees' Provident Fund (Sri Lanka) This disambiguation page lists articles associated with the title Employees Provident Fund.
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HCLTech. HCL Technologies Limited, d/b/a HCLTech (formerly Hindustan Computers Limited ), is an Indian multinational information technology (IT) services and consulting company headquartered in Noida. It emerged as an independent company in 1991 when HCL entered into the software services business.