Thelegalbank may be a subsidiary platform of Zumosun soft Invention personal restricted, which offers the best distinguish within the property wealth creation. EPF is the principle plot under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The plan is overseen under the support of the Employees' Provident Fund Organization (EPFO).
Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is usually like a benefit to an employee during the retirement given by the organization.
Applicability of EPF Registration for Employers
EPF registration is mandatory for all establishments-
Which is a factory engaged in any industry having 20 or more persons, and
To any other initiation employing 20 or more persons or class of such establishments, which the Central Government may, by notification specify in this behalf.
Central Government may apply any establishment employing less than 20 employees after grant not less than two months’ notice for mandatory registration Where the employer and majority of employees have agreed that the provisions of this act should be made applicable to the establishment, they may themselves apply to the Central PF Commissioner. The Central PF Commissioner may request the provisions of this Act to that establishment after passing the notification in the Official Gazette from the date of such agreement or from any upcoming date specified in the agreement.
Some establishments having less than 20 employees would also be required to acquire PF registration but that is voluntary registration. All the employees will be eligible for a PF from the commencement of their employment and the responsibility of deduction & payment of PF lies with the employer.
The PF contribution of 12% should be part equally between the employer and employee. The employer’s allowance is 12% of basic wages plus dearness allowance plus retaining allowance. If the formation has employed less than 20 employees, PF deduction rate will be 10%.
The person wants to follow the under mentioned steps given below
Get the Mobile PAN
Activate the Email Link