As per the recent update, the exemption previously provided to charitable institutions under the EPF Act has been revoked, effective from April 1, 2015. This means that charitable institutions are now required to comply with the provisions of the EPF Act regarding the mandatory contribution to the Employee Provident Fund for their employees.
To ensure compliance with the EPF Act, charitable institutions in Chennai, India need to take the following steps:
🔍 Review the current employment practices and policies to align them with the EPF Act requirements.
🔍 Determine the eligibility criteria for EPF contributions for employees and ensure accurate classification.
🔍 Calculate and deduct the EPF contributions from employees' salaries as per the prescribed rates.
🔍 Make the employer's matching contributions to the EPF for each eligible employee.
🔍 File regular EPF returns and maintain accurate records of contributions made.
🔍 Stay updated on any further changes or amendments to the EPF Act to ensure ongoing compliance.
By following these steps and maintaining adherence to the EPF Act regulations, charitable institutions can fulfill their obligations towards providing social security benefits to their employees.