Provident Fund Registration
Provident Fund refers to worker’s social safety zone where they must contribute a portion of their salaries and employers are required to contribute on behalf of their workers. The money in this fund is paid out to the retirees or in sometimes to the disabled who cannot work.
ESI registration also becomes an important aspect of the organization if it falls under the criteria of ESI registration. However for knowing more about PF registration send us your query immediately.
Provident fund is a government mandated financial security which is extended to the employees of an organization having more than 20 individuals on its payroll. It is regulated by the Employees Provident Fund Organization (EPFO).
The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.
Employees drawing basic salary upto Rs 6500/- (Rs. 15000/- from 01.09.2014) have to compulsory contribute to the Provident fund and employees drawing above Rs 6501/- ( (Rs. 15001/- from 01.09.2014)) have an option to become member of the Provident Fund.
Nomination Form No 2 has to be filled to become a member of the Provident fund, form is available with HR department.
Yes, the member is required to be registered on Member Portal to file the Transfer Claim online. The detailed process flow for the registration is available at the link available on the Homepage of EPFO website www.epfindia.gov.in
The online generation of challan will not be possible if the employer has not registered his/her establishment. The employer has to register and create his/her user id & password for accessing the Employer Portal of EPFO.
Compound interest as declared by the Govt. is given for every year of service.
Two kinds of benefits are provided under the scheme-
a) Withdrawal benefit
b) Benefit of non -Refundable advance