Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization.
WHO IS REQUIRE TO REGISTER
Every establishment in which twenty or more persons are employed has to apply for Provident Fund Registration within one month from the date of applicability. All employees are eligible to become a member of provident Fund from the date of joining the establishment.
Every employer to which Provident fund act applies has to deduct and deposit to the central government, the provident fund deducted along with Employer Share, for those employee which basic wage plus dearness allowance is equal or below to Rs 15,000/-