The Employee Provident Fund is a perk given by the employer to their employees over and above their basic remuneration.
PF is one of the primary platform of savings for working class in India. An Establishment or business is mandatorily required to obtain EIN No. if total employee strength is 20 or more. The total strength of employee Includes contractors or temporary employees like housekeeping staff, daily wage worker security or other temporary workers in the business. Even if a company has employee strength less than 20 then too company can apply EIN. Provident fund Registration certificate should obtain within 30 days from the date of completing 20 employees.
At the time of joining an employee in the employment and getting wages up to Rs. 15,000/- is required to become a member.
In this act, Wages implies and includes Basic + Dearness Allowances, Cash value of food concession and retaining allowances, if any.
12% of Basic Salary + DA shall be deducted on monthly basis of the employee as his contribution towards the Employee Provident Fund.
Every employee who is contributing to EPF is allotted a 12-digit UAN which allows portability of PF accounts from one employer to another.
Every establishment register under PF requires the filing of monthly returns on 25th of every month and annual return before 30th April.
Deposition of EPFcontributions due date is 15th of every month