Hi guys, this is Vikram, new to this site. I have a question: is it true that until the company is 5 years old, it's not eligible for the PF scheme? And if possible, can you explain the criteria for the PF scheme for a company?
Thanks in advance.
From India
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Thanks in advance.
From India
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Hi Vikram,
Welcome to citehr. I wish you a happy stay here.
Any company that comes under the Factories Act and engages 20 or more employees on any day becomes eligible to register with the PF as well as the ESI Act. Previously, there was a rule that new organizations would be exempted for up to 3 years. However, after the amendment in the Act, it is now compulsory only after reaching 20 employees.
Regards,
Amit Seth
From India, Ahmadabad
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508Welcome to citehr. I wish you a happy stay here.
Any company that comes under the Factories Act and engages 20 or more employees on any day becomes eligible to register with the PF as well as the ESI Act. Previously, there was a rule that new organizations would be exempted for up to 3 years. However, after the amendment in the Act, it is now compulsory only after reaching 20 employees.
Regards,
Amit Seth
From India, Ahmadabad
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Factories Act.doc
PF & Pension Amdmt Scheme 2010 for IW.pdf