Dear sir,
I don't know much about the knowledge related to PF in HR activities. Can anyone help me understand the rules that need to be followed in PF? I also need information on employee claim eligibility and what notifications need to be made regarding PF.
Thank you.
From India, Turaiyur
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I don't know much about the knowledge related to PF in HR activities. Can anyone help me understand the rules that need to be followed in PF? I also need information on employee claim eligibility and what notifications need to be made regarding PF.
Thank you.
From India, Turaiyur
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Hi Ramya,
Under PF, the following schemes are covered:
- The Employees' Provident Fund Scheme, 1952.
- The Employees' Family Pension Scheme, 1971.
- The Employees' Deposit-Linked Insurance Scheme, 1976.
I have attached a link for PF rules, applicability, etc.: https://www.stacowiki.in/en/acts/st-...ident-fund-pf/.
From India, Bengaluru
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24Under PF, the following schemes are covered:
- The Employees' Provident Fund Scheme, 1952.
- The Employees' Family Pension Scheme, 1971.
- The Employees' Deposit-Linked Insurance Scheme, 1976.
I have attached a link for PF rules, applicability, etc.: https://www.stacowiki.in/en/acts/st-...ident-fund-pf/.
From India, Bengaluru
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Employees' Provident Fund Overview
Employees' Provident Fund is a small savings scheme offered to Indian workers as well as international workers through the EPFO of India. The scheme allows for the accumulation of funds and accrual of interest on the accumulated funds. The funds collected are made up of contributions partly from employees and partly from their employers.
Contributions from employees and employers add to the EPF. However, contrary to common belief, the entire portion of the contribution from an employer doesn't go exclusively towards the Employees' Provident Fund.
Division of Funds
1. 12% of the Basic Salary and standard allowance of the employee goes directly towards the Employees' Provident Fund.
2. 13% of the Basic Salary and standard allowance of the employer is divided as follows:
- 3.67% of the contribution towards the Employees' Provident Fund
- 0.5% of the contribution towards EPF Administration Charges
- 0.5% of the contribution towards EDLI Administration Charges
- 8.33% of the contribution towards the Employees' Pension Scheme
Minimum Salary Limits
Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatorily towards EPF. The PF amount is calculated based on the basic amount. PF will be calculated as 12% of the basic salary.
From India
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Employees' Provident Fund is a small savings scheme offered to Indian workers as well as international workers through the EPFO of India. The scheme allows for the accumulation of funds and accrual of interest on the accumulated funds. The funds collected are made up of contributions partly from employees and partly from their employers.
Contributions from employees and employers add to the EPF. However, contrary to common belief, the entire portion of the contribution from an employer doesn't go exclusively towards the Employees' Provident Fund.
Division of Funds
1. 12% of the Basic Salary and standard allowance of the employee goes directly towards the Employees' Provident Fund.
2. 13% of the Basic Salary and standard allowance of the employer is divided as follows:
- 3.67% of the contribution towards the Employees' Provident Fund
- 0.5% of the contribution towards EPF Administration Charges
- 0.5% of the contribution towards EDLI Administration Charges
- 8.33% of the contribution towards the Employees' Pension Scheme
Minimum Salary Limits
Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatorily towards EPF. The PF amount is calculated based on the basic amount. PF will be calculated as 12% of the basic salary.
From India
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Provident Fund - Excluded Employee - Definition.pdf