A person who earns a salary less than 15,000 (basic + DA) per month
An organization that has employed 20 or more people
Appreciation of capital
Security after retirement
Withdrawal process is easy
Employees Provident Fund (EPF) scheme brought in the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It holds its existence under the umbrella of Employees’ Provident Fund Organisation (EPFO). It is applicable for all kinds of establishments that employ 20/ 20+ persons, subject to certain circumstances and exemptions albeit they engage with but 20 employees. Under the EPF scheme, an employee possesses to pay a specific contribution towards the scheme and an equal contribution is paid by the employer. The worker receives a complete amount including self-paid and employer’s contribution with interest, on retirement or resignation.
It is obligatory that employees who have a salary of Rs 15,000 per month need to become members of the EPF. As per the rules in EPF, employees whose basic pay is quite Rs. 15,000 per month, at the time of joining, isn't required to form any quite PF contributions. Nevertheless, an employee who earns Rs 15,000+ every month can still become a member and make PF contributions, with the consent of the Employer and Assistant PF Commissioner.
The PF contribution made by the employer is really 12% of (basic salary + dearness allowance + retaining allowance). The employer also pays an equal amount. Just in case of establishments which engage with a number less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employees and therefore the employer is confined to 10%.
Out of the employers’ contribution, 8.33% are going to be routed to the Employees’ Pension Scheme, which is estimated at Rs 15,000. The quantity routed to EPS would be Rs. 1250 for workers whose basic pay amounts to Rs 15,000 or more. However, if the essential pay is something less than 15000, then 8.33% of such amount would be routed to EPS, the balance is getting to be retained within the EPF scheme. On superannuation, the worker would receive the complete share plus the balance of the employer's share reserved for his credit in the EPF account.
"EPF (Employer Provident Fund) is mandatory for an employee with a salary (Basic salary +Dearness allowance) of less than 15000. An organization that has more than 20 employees are compulsorily required to register for the EPF scheme. Employ who takes salary above 15,000 is not eligible for EPF; however, he can still get the benefits of EPF if there is such consent from the employer."
1) To check PF Balance via SMS - Those EPFO members who have an universal account number (UAN), can send “EPFOHO UAN ENG” to 7738299899 from their registered mobile number. Once the SMS is successfully sent, you will receive a message containing information about EPF account including your PF account balance. 2) To check PF Balance online- Log on to the EPFO portal. Go to the ‘Our Services’ tab and choose ‘for employees’ option from the drop-down menu. Click on the ‘Member passbook’ option under ‘Services’. You will be asked to enter your UAN and password.Once you login, you can access your EPF account. Your EPF passbook mentioning both the employer’s contribution and the interest will appear here.
Yes. PF features an immediate impact on the pension of an employee. From the quantity contributed by the employer towards EPF, 8.33% of it gets contributed to the EPS, i.e., Employee Pension Scheme.
Both the worker and employer contribute 12% of the salary. The employer's part consists of 12% of basic wages + dearness allowance + retaining allowance. If the employees’ number is something less than 20 within the firm, then the PF rate is 10%.
As expert advisors of the worker provident fund (EPF) on a web platform, Ease2bizz is capable of aiding every establishment in India. As long as you’ve got a web connection that can be used to send over all your documents, we'll be able to register for your PF.
For the financial year 17-18, it was capped at 8.55%. And this can be called as a fantastic rate of return. PF also comes under Exempt-Exempt-Exempt (EEE) status. Tax isn’t required to be paid on the amount of PF account. This amount acts as a blanket of monetary security for you during retirement.
1. Visit EPFO website and select "Establishment Registration" 2. Select "Sign Up" button and enter all the basic details 3. Apply for New Registration 4. Click on "Submit" button and attach DSC certificate .
First of all, our team completes the entire process in less than 10 days because of its skills and knowledge. Also, working with the best talents of the market, we closely keep a tab on all the amendments made to various laws. We also make it a point to keep you updated with all kinds of compliances. We also inform you about all the requirements on time.
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