EPFO Alert: Only 20 thousand salary can make you a millionaire after retirement
Mumbai: Many people cry continuously when the salary is low. They are wondering what will happen after retirement, how to collect money. But, now this worry will not last long. Because, one of the best way to invest is to help everyone.
If you do not want to invest or have a question on whether to invest, then EPF can definitely be a great option for you. EPFO gives you one such opportunity. Here you can earn a lot of money after retirement by investing a part of your salary in EPF.
As you know, EPF offers an interest rate of 8.5 percent on investments. Suppose there is a 7 per cent salary increase…
Assuming that your basic salary is 20 thousand rupees, we are making the following arrangement.
If your basic salary is 20 thousand rupees and you invest for 25 years, then you can get around Rs 2.79 crore as return after retirement.
How is it possible.
If 12 percent of your employee EPF is deducted for 25 consecutive years, then you will have an investment of 48 thousand per month. As a result, you can get a corpus of up to 2 crore 79 lakhs after retirement.
What should be taken care of?
Do not withdraw money from EPF unless absolutely necessary as your withdrawal will deplete your retirement savings. For example, if you withdraw Rs 1 lakh from the PF account at the age of 30, then the retirement fund at the age of 60 will be reduced by Rs 11.55 lakh.
Transfer your old account only after changing job. The older the PF account, the more benefits you can get. Since your account is not transferred, interest will be charged on the new account but the interest on the old account will be closed after 3 years. You can easily transfer EPF account through UAN.