EPF Form-11 in word format
EPF Form 11 is self declaration needs to be filed by every employee at the time of joining any establishment which is registered under EPF Scheme. Employee should fill, sign and submit EPF Form 11 to employer and should also retain a copy for future reference. Form 11 contains basic KYC details and history of employment. It also automatically transfer employees PF from previous account to new one. Employers are also responsible to keep on record Form 11.
While it’s true that employees joining their first job with a monthly EPF liable salary exceeding Rs. 15,000 have the option to opt out of the Employee Provident Fund (EPF) scheme by submitting Form 11 and a request letter to their employer, it’s strongly recommended to stay enrolled.
Here’s why EPF is a valuable benefit:
- Security: EPF contributions are invested in government bonds, offering a safe and guaranteed return on your retirement savings.
- High Returns: Compared to many other investment options, EPF provides attractive interest rates, helping your retirement corpus grow significantly.
- Tax Benefits: Both employer and employee contributions towards EPF qualify for tax deductions.
- Long-Term Savings: EPF instills a habit of regular savings for retirement, a crucial aspect of financial planning. Check you EPF Balance here.
Consider these alternatives if you have specific investment goals:
- You can choose to contribute a higher percentage of your salary towards EPF if the base limit allows.
- Explore voluntary contributions to the National Pension Scheme (NPS) for additional retirement planning.
Remember, EPF is a long-term investment that secures your financial future after retirement. Opting out might seem appealing in the short term, but it could limit your retirement savings potential.
