Provident Fund for Employees: How Can It Benefit My Company?

Hi, I want to open a Provident Fund account for my employees, but I don't know how the company can benefit from this. Please help me to clarify this matter.

Kindly let us know exactly what you want to know. It is every organization's obligation to have a PF account when employing 10 or more employees. Are you referring to a PPF account opened in the Post office or in SBI bank? Please be clear when posting your query.

In addition to agreement with Mr. Anand, I quote that the contribution made for PF is a job related to the social security of the employees. Besides monetary benefits, they provide a pension to members, pension to the family (after the death of a member), and also provide the facility of loans/advances to the members during service.

Thanks & regards,

Sumit Kumar Saxena

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 compliances also that need to be fulfilled. For your easy reference, I suggest you log on to the EPFO website, and you will come to know everything about it. Nowadays, everything is online, so it's easier these days.

Benefits of Compliance with Provident Fund Regulations

The benefit to the principal employer by having compliance done is that they can always be free from the hassles of statutory obligations if complied with properly. Secondly, it helps in uplifting the corporate image of the company if it fulfills the statutes regarding the company and its employees. Thirdly, employees will be happy if their welfare is looked after.

Regards