PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
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email@example.comDear sir, If we start a new company what are all rules and regulations have to follow.
From India, Turaiyur
Samuel RHi Ramya,
Under PF following schemes are covered: The Employees Provident Fund Scheme, 1952. The Employees Family Pension Scheme, 1971. The Employees Deposit-Linked Insurance Scheme, 1976
Have attached a link for PF rules, applicability, etc., https://www.stacowiki.in/en/acts/st-...ident-fund-pf/.
From India, Bengaluru
debora-sumopayrollEmployees’ Provident Fund is a small saving scheme that is offered to Indian workers as well as international workers through the EPFO of India. The scheme allows accumulation of funds as well as accrual of interest on the accumulated funds. The funds thus collected are made of contributions partly from employees and partly from their employers.
Contributions from employees as well as employers add to the EPF. However, unlike what is commonly thought to be, the entire portion of contribution from an employer doesn’t go exclusively towards the Employees Provident Fund.
Division of funds
1. 12% of Basic Salary and standard allowance of Employee goes directly towards Employees’ Provident Fund.
2. 13% of Basic Salary and standard allowance of Employer is divided as follows –
o 3.67% of contribution towards Employees’ Provident Fund
o 0.5% of contribution towards EPF Administration Charges
o 0.5% of contribution towards EDLI Administration Charges
o 8.33% of contribution towards Employees’ Pension Scheme
Minimum salary limits: Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatory towards EPF. PF amount is calculated for the basic amount. PF will be calculated as 12% of the basic.