EPF is one of the main platform of savings in India for nearly all people working in Government, Private or Public sector organizations.It is implemented by the Employees Provident Fund Organization (EPFO) of India.Companies which have employee strength of 20 or more are required to be registered with PF Department.The capacity of 20 includes contract employees like housekeeping, security or other contractual workers in the business. Those companies which do not have the endorsed number of employees but willing to register themselves to provide the advantages of Provident Fund to their employees can register voluntarily with the Regional Provident Fund Office. Registration has to be done within One month from the date of hiring 20 employees. Any delay may result in a penalty.
Conditions of PF
Mandatory for Companies with more than 20 Employees.
At the time of joining an employee getting wages up to Rs. 15,000/- is required to become a member.
Wages implies and includes Basic + D.A, Cash value of food concession and retaining allowances, if any.
12% of the basic salary deposited in P.F. account is contributed by employers, whereas out of employee contribution of 12%; 3.67% is contributed to provident fund and 8.33% is submitted in Pension scheme.
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