EPF act 1952 is administered by Central Board of Trustees and Employees provident fund organization (EPFO) which comes under the Ministry of Labour and employment. There are 3 main schemes in the EPF act:
This scheme is meant to promote retirement savings for employees.
This scheme is meant to provide post-retirement benefits to the employees. 8.33% of the employees salary is contributed by the employer into this scheme so that the employee or his/her nominee can receive pension later in the future. The employee’s basic salary should be a minimum 6500/- to be eligible for this scheme.
This scheme is meant to provide relief to the family members of the employee in case of untimely or sudden death.
As we have stated above, the EPF (employee provident fund) contribution goes into the following accounts:
To understand EPF contribution rates, their breakdown among these four accounts and the salary considered for their calculation, please watch this short videol: Video link.
P.I.Jain & Co. can help your business obtain EPF Registration in a week, subject to Government processing time.
An P.I.Jain & Co. EPF Expert will prepare your EPF Application along with the necessary supporting documents that needs to be submitted for EPF Registration.
Once the application is prepared and submitted, the concerned EPF Office will process the application and may request for more information or documents.
While processing the application, Our EPF Expert will help you respond to any query or request for document (if required) and obtain EPF Registration.