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Employee Provident Fund (EPF)

EPF registration is mandatory for all establishments-

which is a factory engaged in any industry having 20 or more persons, and
to any other establishment employing 20 or more persons or class of such establishments which the Central Government may, by notification specify in this behalf.

Contribution

The PF contribution of 24% should be divided equally between the employer and employee. The employer’s contribution is 12% of basic wages, dearness allowance plus retaining allowance.

Advantages

After Registration under Employee PF Act, the employee of the company has following benefits.

EPF is divided into two parts which are provident fund and Employee Pension Scheme.
The subscriber Contribution 12% of basic plus daily allowance goes to the Provident Fund.
In the case of employer contribution, 8.33% goes to Employee Pension Scheme out of 12%, rest goes to the provident fund account.
Considering the number of years of service and the average salary drawn by the person gets the pension.
A retired person gets the lump sum EPS money along with PF.
The members who complete the age of 58 years and completed 10 years of service without any withdrawal gets the benefits of a pension.
Member can withdraw from these accumulations to cater to financial exigencies in life – No need to refund unless misused.
On resignation, the member can settle the account. The member receives his PF contribution, Employer Contribution, and Interest.

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