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Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits.
Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund.
EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
EPF registration is mandatory for organizations with total employee strength more than 20.
Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits.
Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund.
EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
EPF registration is mandatory for organizations with total employee strength more than 20.
Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down.
Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can make claims online.
Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.
The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.
Employees must register for the EPF if their monthly salary is under 15,000, and those who make more than that amount must request authorization from the assistant PF commissioner to join.
When they first started working for the company, employees might specify on Form 11 that they did not want to be enrolled in PF. The employee can write the employer and ask to be removed from the provident fund system.
Applying for PF requires that there be at least 20 employees.
For interest on employee EPF payments, only contributions up to Rs. 2.5 lakh per year are still tax-free. For interest on contributions that exceed 2.5 lakh, an annual tax is assessed against the employee.
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