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Employees Provident Fund

Employees Provident Fund

Growing businesses have, amongst other things, growing regulatory requirements to comply with. One such compulsory regulation is that of provident fund for employees under the Employees’ Provident Fund Scheme (EPS) 1952. This Act was enacted by Parliament in order to provide financial security and stability to employees in an event that the employee is temporarily or no longer fit to work or at retirement.

Employee Provident Fund (EPF) is implemented by the Employees Provident Fund Organization (EPFO) of India.Let us see what stipulations have the law laid down for business owners/employers to follow so as to comply with the provisions of the EPFO:

Applicability:

• Any business/establishment with 20 or more employees working in any one of the 180+ industries should register with EPFO.
• 12% of the Basic, DA, and cash value of food allowances have to be contributed by the employer and employee each to the EPF account of the employee. The rate of contribution is 10% in the case of following establishments:
o Any covered establishment with less than 20 employees, for establishments cover prior to 22.9.97.
o Any sick industrial company or company with accumulated losses equal to or exceeding its entire net worth.
• Pay administrative charges at 1.10% of emoluments
• For exempted companies under P.F. Scheme, an employer is liable to pay only inspection charges @ of 0.18% of emoluments.

Employees Provident Fund

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