EPF(Employee Provident Fund) is like financial support to the employees when they are about to retire. Government employees, people working in the private sector or public department also make use of these funds in order to save some money on taxes. When an employee is working(employed somewhere) he/she pays PF on monthly basis. Even the employer has to contribute the same amount on monthly basis too. It is also now mandatory for all businesses to get registered with the department of the provident fund within a month of the total count of the employee reaches to the number of 20 to avoid penalties.
There are basically two types of registrations
This type of EPF registration is compulsory for any organization who has 20 or more employees even for a single month during a financial year. This is a must-to-do procedure to avoid penalties in the future.
If the employee count is below 20, but the employer wishes to provide the EPF benefits to the employees then he/she can volunteer for EPF registration under the EPF act after taking in written the consent of all the employees.
The contribution goes into the following accounts after registering into EPF:
Business Escalators will help you obtain the process of EPF registration done within a week (Timeline subjected to change according to Government Processing time)
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