1. If the monthly salary paid to your employees are less than Rs. 15,000/-, the nature of your industry is specified in Schedule -1 of the PF Act and the employee is strength is twenty or more, then PF coverage ought to be there. Pl respond with the position in this regard.
2. Incentive is no alternative to PF. PF is to provide for the institution of provident funds, pension fund and deposit-linked insurance fund for employees and is an investment made for post retirement life while incentive is paid concurrently with employment and it depends on him to make any savings for future.
3. If you are not meeting the criteria in point no.1, still PF can be applied on voluntary basis but the procedure is separate.
Pl clarify the position, then further details can be shared.