The Employees' Provident Fund (EPF) is a compulsory savings scheme designed to provide financial security to employees post-retirement. It is regulated by the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment in India. EPF ensures that employees have a reliable source of income when they retire, making it an essential part of financial planning for both employers and employees. The primary goal of EPF is to create a retirement fund for salaried employees, with contributions from both the employer and employee.
To be eligible for EPF registration, any organization with more than 20 employees must register with EPFO. Both the employee and the employer contribute a portion of the employee's salary to the fund. Employees contribute 12% of their basic salary, while employers match this amount. A portion of the employer's contribution is directed toward the Employees' Pension Scheme (EPS), which offers monthly pensions after retirement.
The EPF system not only ensures financial security during retirement but also covers employees under the Employees' Deposit Linked Insurance (EDLI) scheme, providing a life insurance benefit. Furthermore, the funds in the EPF account can be accessed under specific circumstances such as medical emergencies, marriage, or higher education.
PF is one of the primary platform of savings for working class in India. An Establishment or business is mandatorily required to obtain EIN No. if total employee strength is 20 or more. The total strength of employee Includes contractors or temporary employees like housekeeping staff, daily wage worker security or other temporary workers in the business. Even if a company has employee strength less than 20 then too company can apply EIN. Provident fund Registration certificate should obtain within 30 days from the date of completing 20 employees.
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.
12% of Basic Salary + DA shall be deducted on monthly basis of the employee as his contribution towards the Employee Provident Fund.
Every employee who is contributing to EPF is allotted a 12-digit UAN which allows portability of PF accounts from one employer to another.
Every establishment register under PF requires the filing of monthly returns on 25th of every month and annual return before 30th April.
Deposition of EPFcontributions due date is 15th of every month
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