Employees' Provident Fund (EPF) is a government-mandated retirement savings scheme in India, established under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952. It is managed by the Employees' Provident Fund Organization (EPFO), ensuring that retirement savings are managed effectively and providing a safety net for future financial stability. Which operates under the ambit of the Ministry of Labor and Employment.
Employees and employers contribute equally to EPF on monthly basis which is 12% of basic salary and dearness allowance (DA). The employee's share is deducted from their salary on a monthly basis and deposited into their EPF account by the employer.
Employers are also responsible for paying administrative charges for managing the EPF scheme, which is 0.5% of the total monthly payroll, subject to a minimum of Rs. 500 per month.
Document For Firm/ Company/Other
Document For Proprietors/ Partners/ Director
Documents From Employee:-
Our team will work with you and collect required information about your company.
After Analyzing the information our team will give you the list of required documents that you have to submit.
WebOnlineHR Team will fill out the required application and submit the same to the PF department for further verification process.
Once the application is processed we will send the registration license and login details to the registered email.
If you have a huge organization and looking for dedicated support. we are here to help you. Just contact us and we will discuss the requirements in detail.
All employers having more than 20 employees in their organization are required to enroll with EPFO and also open for voluntary enrollment by self-employed individuals or organizations with less than 10 employees.
Any Employee with a basic salary and dearness allowance less than Rs 15000 is eligible for PF. Additionally, others with higher salaries can opt for PF registration on an optional basis.
In India, if your salary is up to Rs 15,000 per month, PF deduction is mandatory. However, if your salary is more than this then you can choose the option of PF at your discretion.
No, Provident Fund Scheme in India is not applicable on stipend. So, if you are an intern earning a stipend, No PF deduction is applicable to you.
12 % of salary is contributed by the Employer and Employee.
