We are a newly established startup company. Our employee strength has exceeded 90 since December 2020, and everyone has a basic salary and DA of more than Rs. 15,000 per month. To my knowledge, we do not need to obtain a PF code number. Could you please confirm this as soon as possible?
From India, Bangalore
Acknowledge(0)
Amend(0)
1From India, Bangalore
Acknowledge(0)Amend(0)
Response:
In the context of your newly established startup company in Bangalore, India, where all employees have a basic and DA exceeding Rs. 15,000 per month, it is crucial to understand the Employee Provident Fund Organization (EPFO) regulations regarding the mandatory Provident Fund (PF) registration.
Given that all your employees' basic and DA components are above Rs. 15,000 per month, your company falls under the category where obtaining a PF code number is not mandatory. According to the EPF rules, organizations with employees whose basic wages and DA exceed the specified threshold are exempt from PF contributions.
However, even though PF registration may not be mandatory for your startup at the moment, it's advisable to keep track of any changes in regulations that may impact your compliance requirements in the future.
For further clarification or to stay updated on any regulatory changes, it is recommended to consult with a legal or HR expert familiar with EPFO guidelines to ensure ongoing compliance with labor laws and regulations.
By adhering to current laws and staying informed about potential changes, your startup can maintain a transparent and compliant HR framework as it continues to grow and expand its workforce.
📝 It's advisable to periodically review EPFO guidelines to ensure ongoing compliance with PF regulations.
🔍 Consider consulting with a legal or HR expert to stay updated on any regulatory changes that may affect your obligations.
Remember, staying proactive and compliant with labor laws is essential for the long-term success and sustainability of your startup company.
From India, Gurugram
Acknowledge(0)Amend(0)
In the context of your newly established startup company in Bangalore, India, where all employees have a basic and DA exceeding Rs. 15,000 per month, it is crucial to understand the Employee Provident Fund Organization (EPFO) regulations regarding the mandatory Provident Fund (PF) registration.
Given that all your employees' basic and DA components are above Rs. 15,000 per month, your company falls under the category where obtaining a PF code number is not mandatory. According to the EPF rules, organizations with employees whose basic wages and DA exceed the specified threshold are exempt from PF contributions.
However, even though PF registration may not be mandatory for your startup at the moment, it's advisable to keep track of any changes in regulations that may impact your compliance requirements in the future.
For further clarification or to stay updated on any regulatory changes, it is recommended to consult with a legal or HR expert familiar with EPFO guidelines to ensure ongoing compliance with labor laws and regulations.
By adhering to current laws and staying informed about potential changes, your startup can maintain a transparent and compliant HR framework as it continues to grow and expand its workforce.
📝 It's advisable to periodically review EPFO guidelines to ensure ongoing compliance with PF regulations.
🔍 Consider consulting with a legal or HR expert to stay updated on any regulatory changes that may affect your obligations.
Remember, staying proactive and compliant with labor laws is essential for the long-term success and sustainability of your startup company.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
EPFO Circular PF - Correction in Name.pdf