EMPLOYEES PROVIDENT FUND (EPF)
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.
ELIGIBILITY FOR EMPLOYEES PROVIDENT FUND
- At the time of joining an employee in the employment and getting wages up to Rs. 15,000/- is required to become a member.
- In this act, Wages implies and includes Basic + Dearness Allowances, Cash value of food concession and retaining allowances, if any.