Employee’s Provident Fund Organization (EPFO)
M/s. Umesh Sharma & Associates is a leading Consultancy Firm in Delhi. We are managing PF records of our various clients and resolve their issues (if any). Being the consultant, we doing the following work/job for our clients:
• New Registration under PF Act 1952 : Apply and obtained new registration
• Monthly Process : Collecting, Preparing, Managing the records/challans/forms of clients
• PF Withdrawals & Transfers: Helping employee’s in getting, transferring, tracking employee’s claims and informing them.
Employee’s Provident Fund organization (EPFO)
EPFO is one of the largest Social Security Organization in India and comes under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. The EPFO is under the administrative control of Ministry of Labour and Employment, Govt. of India. The Act was framed to provide social security/benefits to salaried employees/personnel of organized sector in India. Under this Act, three schemes operates i.e. EPF Scheme-1952, Pension Scheme – 1995 (EPF) and Insurance Scheme – 1976 (EDLI). The applicable contribution is being deducted from employees salary and deposited by employer along with their contribution.
Online EPF Registration
- Filling up of form
- Submission of Documents
- Application Submission to the EPFO and it’s done.
PF Contribution
- 12% of Basic Salary of Employee deposited directly towards EPF
- 12% of Employer contribution is divided as –
– 8.33% of contribution towards Employees’ Pension Scheme
– 3.67% of contribution towards Employees’ Provident Fund - 1.1% of contribution towards EPF Administration Charges (After 01/04/2017 0.65%)
- 0.5% of contribution towards Employees’ Deposit Linked Insurance (minimum RS. 500/-)
- 0.01% of contribution towards EDLI Administration Charges (After 01/04/2017 RS. 0/-)
Last Date of EPF Payment
Deposition of EPF contributions due date is 15th of every month.
GIVEN BELOW ARE THE BENEFITS OF PF REGISTRATION
- Risk Coverage: An important fundamental benefit of the Provident Fund is to cover the risks of employees and their dependents that may arise due to retirement, an illness or their demise.
- Emergency Needs: There are many uncertain occasions where immediate fund requires e.g. marriages, any mishappening or illness, etc-etc.. The PF amount can be of great help.
- Long-term Goals: 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: 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: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
