Commonly referred as Provident Fund is a retirement benefits scheme availed to all salaried employees. Employees Provident Fund (EPF) is a scheme controlled by the Employee’s Provident Funds and Miscellaneous Act 1952. It is regulated by the Employee’s Provident Fund Organization (EPFO). EPF registration applies to all establishments that employ more than 20 persons or more. EPF can also be obtained for establishments under 20 employees or less voluntarily.
PF contribution paid by the employer is 12% and 1% administration charge 12% by the employee of the basic wages and dearness allowance.
From India, Bengaluru