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Budget 2021 update: In case the employee’s PF contribution was deducted but not deposited by the employer, it will not be allowed as a deduction for the employerEmployees 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 normally like a benefit to an employee during the retirement provided by the organization.
The employer must obtain the registration within 1 month of attaining the strength, failing which penalties will be applicable .A registered establishment continues to be under the purview of the Act even if the employee strength falls below the required minimum. Central Government may apply the provisions to any establishment employing less than 20 employees after giving not less than two months’ notice for compulsory 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 Provident Fund (PF) Commissioner. The Central PF Commissioner may apply 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 subsequent date specified in the agreement. Some establishments having less than 20 employees would also be required to obtain 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 divided equally between the employer and employee. The employer’s contribution is 12% of basic salary. If the establishment has employed less than 20 employees, PF deduction rate will be 10%.
The employer must register the establishment online. With the convenience of online registration the employer can register the establishment by providing the following details: