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Employee Provident Fund (EPF) is required to provide wider benefits to the workers on the completion of their employment. Every establishment with 20 or more employees should register under the EPF office. With the amendment in the rule of EPF, the limit of the minimum employee is 10 employee. The establishment has to register if it has 10 or more employee under the Employee Provident Fund. Here we will discuss compliances checklist under EPF Act.
Employee Provident Fund (EPF) is a benefit for the employee during retirement. It is a social security fund created for the purpose of providing financial security and stability during retirement.
Any person who is employed for work of an establishment or employed by the contractor in or in connection with the work of an establishment and drawing salary up to Rs.15,000/- p.m. The salary is calculated as Basic Salary plus Daily Allowance.
All members contributing to Provident Fund are automatically insured for their life during the Service. Employer’s Contribution to the Insurance Scheme is 0.5%. The maximum amount payable to the nominee in case of death of an employee is Rs.100000/-
All employees covered under the Provident Fund become members of the Pension Scheme. 8.33% of Basic Salary up to Rs.15,000/- is contributed to the Pension Scheme from employers share of contribution. A minimum period of ten years of contributory service is required to be eligible to receive monthly Pension. The full pension is payable on completion of 20 years of contributory service.
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In addition to above Compliance related Insurance and pension also need to duly comply with.
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