EPF account holders are eligible for the benefits of Provident fund (PF) under the Employees’ Provident fund. The employer is responsible for deduction and the EPF funds provide social security for the eligible candidates.
Equal contribution is one of the key elements wherein both the employee and the employer have to contribute 12% of the primary wages and the social security money is released once the employee retires from the work.
In case, the employee transfers from one place to another it is easy to make changes to the EPF fund, as it is easy to access. There are many benefits that the EPF account holders are eligible and the EPF account holders are eligible for pension is another added benefit to the EPF.
Jitendra Solanki stated that to receive the benefits of the EPF funds, one must at least contribute for 15 years. And when a person opens an account, he/ she receives an EPS account number wherein the employer of the account holder contributes 8.33% while the rest 3.67% is deposited in the account.
What is EPF (Employees’ Provident Fund) Registration?
EPF Registration is enrollment for a savings fund that gets accumulated during the employment of an employee. The authorities of the EPF are regulated by the EPFO (Employment Provident Fund Organization).
The employer, as well as the employee, make an equal contribution in EPF if the employee’s earning must be greater than INR 15000. The EPFO regulates the schemes to provide benefits for the employer after retirement.
The EPF Registration gives social and financial security to the employee after retirement and it also comes with benefits; they are liquid savings, which the employee may use for the adverse situation for a health crisis or other major problems, and the EPF is easily accessible.
The other benefit of the EPF is that it is tax-free. Income tax regulations do not apply to the EPF fund and the same also applies to the deposit amount and its interest. You can either register for EPF through the official website or contact us for any help regarding EPF Registration.
Who can apply for Provident fund Registration?
The eligibility for EPF Registration for the employer is when they have more than 20 working people at the company. They must register for the EPF within two months otherwise; a penalty may apply for late registration. Other than companies, co-operative societies, and registered organizations can also apply. EPFO regulation and provision apply to the registered companies regardless of the number of employees.
EPF alert! STEP-by-STEP guide on how to change bank account number
In case, you need any kind of direction connected with the EPF Registration, please feel free to communicate with our business advisors at 8881-069-069.
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