Teachers play a vital role in shaping the future of our society, and it is crucial to provide them with financial security and stability, especially during their post-retirement years. In a recent directive issued by the Employee Provident Fund Organization (EPFO), all CBSE-affiliated schools in India are now mandated to register with the EPFO. This new norm aims to extend employee provident fund benefits to teachers, particularly those working in small or mid-level schools located in rural areas
CBSE Schools Embrace EPFO Benefits for Teachers & Staff
By registering with EPFO, schools can ensure that their teachers receive retirement benefits such as provident fund, pension, and insurance. This move not only applies to government teachers but also includes private school employees, significantly improving their financial well-being and job satisfaction.
In this blog, we will discuss how CBSE schools registering with EPFO benefits teachers and staff.
1. Ensuring Retirement Benefits for Teachers
The mandatory EPFO registration for CBSE schools guarantees retirement benefits for teachers. The schools are now required to contribute 12% of the employee’s basic salary plus dearness allowance towards the employee’s EPF account, while the employee makes an equal contribution. This contribution ensures that teachers have a corpus of savings to manage their financial needs during their post retirement years.
Additionally, employers are obliged to contribute 0.5% of the employee’s basic salary towards the Employees’ Deposit Linked Insurance scheme, providing life insurance cover to the employee. These benefits bring financial security and stability, making CBSE schools more attractive to teachers.
Read More : https://raghavfoundation.org.in/blog/benefits-of-cbse-registering-with-epfo/
