At present, if the salary of an employee is up to Rs 15,000, then he will be registered under the Employees' Provident Fund Act. In this scheme, 12% is contributed by the employee, and 13% is contributed by the establishment. The details are as follows: 12% - Employees' Provident Fund (contribution made by the employee) 12% (3.67% + 8.33% + 0.5% + 0.5%) - Contribution made by the employer, in which 3.67% is deposited in the Employees Provident Fund, 8.33% goes to the Employee Pension Scheme, and 0.5% each is allocated to Employee Deposit Link Insurance and admin charges. This breakdown can be presented as follows:
Account No. 01 (Employees Provident Fund) - 3.67% + 12% Account No. 02 (EPF Admin Charges) - Nil Account No. 10 (Employees Pension Scheme) - 8.33% Account No. 21 (Employee Deposit Link Insurance) - 0.5% Account No. 22 (Admin Charges Employee Deposit Link Insurance) - 0.5%
Currently, no forms are submitted offline under this Act. Only Form 11 Declaration Form needs to be filled by the employee. For further information, please contact the undersigned.