I will be joining a small private limited company as a Director. It is a start-up, and the company does not have a PF account as currently there are fewer than 12 employees. I have a PF account from my previous organization. Is it possible that I get a Voluntary Provident Fund amount deducted from my monthly salary, which gets deposited in this PF account?
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As the company does not have its own PF no. this will not be possiable. Also only VPF deduction is not possiable. Regards, Ashutosh Thakre
From India, Mumbai
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274From India, Mumbai
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Yes the company can apply for the PF number and the PF can be started even for less than 20 employees.
From India, Mumbai
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From India, Mumbai
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Voluntary Application of the Provident Fund Act
Section 1(4) of the Act provides that where it appears to the Central Provident Fund Commissioner, whether on an application made to him in this behalf or otherwise, that the employer and the majority of employees in relation to any establishment have agreed that the provisions of this Act should be made applicable to the establishment, he may, by notification in the Official Gazette, apply the provisions of this Act to that establishment on and from the date of such agreement or from any subsequent date specified in such agreement.
Thus, Section 1(4) provides for a voluntary option to make the Act applicable. Section 1(5) of the Act provides that an establishment to which this Act applies shall continue to be governed by this Act notwithstanding that the number of persons employed therein at any time falls below twenty.
From India, Rajkot
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Section 1(4) of the Act provides that where it appears to the Central Provident Fund Commissioner, whether on an application made to him in this behalf or otherwise, that the employer and the majority of employees in relation to any establishment have agreed that the provisions of this Act should be made applicable to the establishment, he may, by notification in the Official Gazette, apply the provisions of this Act to that establishment on and from the date of such agreement or from any subsequent date specified in such agreement.
Thus, Section 1(4) provides for a voluntary option to make the Act applicable. Section 1(5) of the Act provides that an establishment to which this Act applies shall continue to be governed by this Act notwithstanding that the number of persons employed therein at any time falls below twenty.
From India, Rajkot
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Procedure-of-Re gistration-of-N ew-Pvt-Ltd-Comp any[1].pdf