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WHAT IS EPF or PF?
The Employees Provident Fund or EPF is a retirement saving scheme supplied via way of means of the authorities for all salaried personnel in India, on which constant hobby is often paid.
The Employee Provident Fund is a prerequisite given via way of means of the business enterprise to their personnel over and above their simple remuneration – Online PF consultant in India.
WHY EPF REGISTRATION FOR EMPLOYER?
PF Registration is obligatory for all of the agencies which have 20 or greater personnel. Such agencies are required to make a contribution a hard and fast quantity in the direction of Employee Provident Fund out of worker profits and wages.
If a business enterprise fails to get EPF business enterprise registration, or indulges in fake illustration of statistics to keep away from PF price, he will be accountable for a penalty of INR 5,000/-.
WHEN PF REGISTER IS MANDATORY FOR EMPLOYER?
PF registration for Employer is obligatory if (follow this steps):-
- He owns a manufacturing facility having 20 or greater people
- Any different organization/basis Company with 20 or greater personnel
- The magnificence of such agencies whom the Central Government might also additionally, via way of means of note might specify for obligatory EPF business enterprise registration.
- Mainly when your establishment having 20 + employees then EPF Registration is mandatory for your company
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Given below are the benefits of PF registration
- Risk Coverage:Â The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
- Â Emergency Needs:Â Â There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.
- Long-term Goals:Â There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
- Uniform Account:Â Â One of the most important aspects of the Provident Fund account that it’s steady and transferable. It can be carried forward to any other place of employment.
- Covers Pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).
- Employee Deposit Linked Insurance Scheme:Â Â This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
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Chakraborty Consultancy best for providing PF & ESI Registration and monthly compliance deduction & Return filling. Fast Digital Signature / DSC registration firm all over India.
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