Changes in Provident Fund rules: 7 things to know

Planning for retirement is as important as planning for one’s career and marriage. Everybody wishes to have a secure, independent retirement life, where you would not depend on others for your needs. Investments and allocations are accordingly channelized in this direction to achieve the desired goals. The Employee Provident Fund (EPF), Employee Pension Scheme (EPS) and Public Provident Fund (PPF) are some of the popular products to invest for the retirement years.

In the past few months, radical changes have been introduced in these schemes. Let us have a look at them.

1) PF portability

2) Bank account and PF portability

3) Higher PF wage ceiling

4) Minimum monthly pension

5) Insurance limit hiked

6) PF interest rate

7) Tax on PF withdrawal

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