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EPF stand for “Employee Provident fund”. EPF is deduction from employee’s monthly salary. You may know it as that maddening, indefinable portion of your monthly salary that isn’t able to spend. EPF is a retirement benefit scheme that’s available to all salaried employees. This scheme is maintained and overseen by EPFO (Employees Provident Fund Organisation of India and reputated company with above 20 staffs is required by law to register with the EPFO. Under the EPF scheme, an employee has to pay a certain contribution towards the scheme and equal contribution is paid by the employer. It is lump sum amount for employee including self and employer’s contribution with interest on both, on retirement. According to EPF rules and regulation, employee whose ‘pay’ more than Rs. 15000 p/m is at the time of joining, is not eligible and is called non-eligible employee.
|Scheme||Employer’s contribution of basic pay||Employee’s contribution of|
The contribution of the employee towards EPF is 12% p/m of basic wages and DA (Dearness allowances). And the same rate is contributed by employer towards EPF also. According to the EPFO rules, the contribution rate of for both (Employer and Employee) is limited to 10%. For most workers are belong to the sequestered sector, it is the basic salary on which the contribution is considered. The entire 12% of your contribution goes into your EPF account along with 3.67% (out of 12%) from your employer, while the balance 8.33% from your employer’s side is averted to your EPS (Employee’s Pension Scheme).
EPF (Employee Provident Fund) has also provided nomination facility. Any employee if registered under EPF scheme can nominate your parent, spouse or children. But you can’t nominate your brother or sister for EPF. Any nominationmade by such member in favour of person not belonging to his family will be invalid. It is (nomination) is necessary. For the purpose of engaging a nominee is to have someone who is trusworthy and liable to handle the nominator’s asset after his expiry.
Registration of EPFis compulsory for organisations/companies which employee more than 20 persons, including promised and permanent workers. Which company grow to a strength of 20 members are expected to register themselves under one month from the time of managing this strength, with fines applicable for delays in registration.Co-operative societies are expected to register if their workers strength increase to 50 or more and registered organisations continue to be under the purview of the rules and regulations.
The process for employers towards EPF registration employers need to provide the following details to successfully register them.