Provident Fund Usefulness - how can company be benefited by this? - CiteHR
Bijay_majumdar
Freelancer In Hr &indirect Taxes For
Sumitk.saxena
Service/manager-hr
Atiq-HR
Deputy Manager- T&d, Babylon Group
+1 Other

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Hi, I want to open Provident fund account for my employees. But I don’t know how can company will be benefited by this. Please help me to clear this matter.
Kindly let us know exactly what you want to know ? It every organization obligation to have PF account employing 10 or more employees. Are you talking about PPFO account opened in Post office or in SBI bank.
Please be clear while posting your query?

In addition to agreement with Mr. Anand i quote that contribution made for PF is a job related with the social security of the employees, beside monetary benefit they provide pension to members , pension to family (after the death of member), also provide facilty of loan/advance to the members during service.
Thanks & regrards,
From,
Sumit Kumar Saxena

Hi,Mr. Atiq,
Provident fund for employees is a mandatory social welfare scheme for which every employer has to get registered as per The Employees' Provident Funds and Miscellaneous Provisions Act, 1952.There are other statutory compliance also that needs be fulfilled.For your easy reference I suggest you to log on to epfo website and you will come to know everything abt it.Also now a days every thing is online,So its easy these days.Benefit to principal employer by having compliance done is that they can always be free from hassles of statutory obligations if complied properly.Second it helps in uplifting the corporate image of the company if it fulfills the statutes in respect of company and its employees.Third employees will be happy if their welfare is looked after.

Very well replied Bijay.Its really very important to keep a healthy and motivated environment in the organisation and additionally Labour welfare plays very important roll for the growth of company.
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