Employees Provident Fund Scheme Act 1952

Home Employees Provident Fund Scheme Act 1952

Employees Provident Fund Scheme Act 1952

It is a scheme managed under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, by the Employees' Provident Fund Organization (EPFO). Under the EPF scheme, an employee has to pay a certain percentage from his pay and an equal amount is contributed by the employer.

Employees' Provident Fund and Miscellaneous Provisions Act 1952 are applicable to:

1. It covers every establishment in which 20 or more persons are employed and certain organizations are covered, subject to certain conditions and exemptions even if they employ less than 20 persons each.

2. Cinema Theatres employing 5 or more persons.

SERVICES OFFERED

  • Obtaining EPF Registration and EPF Code Number
  • Return of ownership [Form 5A], Revised [Form 9], Submission of Specimen Signature.
  • Calculation of PF liability, Preparation of Monthly PF Statement and PF Returns.
  • Preparation of PF Online Challan and Completion of payment on or before 15th of every Month with ECR and Confirmation Slip.
  • PF Helpdesk for Employees and PF Compliance Audit for the Organizations.
  • Generating New UAN, Liking old UAN with new PF Account
  • Updating KYC detail, Manage Basic Details,Joint Declaration
  • Updating Missing details, Nomination Form [FORM 2], New Joining of Employees [FORM11].
  • Online PF Transfer Claimsfor Trust/EPF Organizations and submission of Annexure-kdocuments [FORM 13].
  • PF Withdrawal Claims: PF Withdrawal Full and Final Settlement [FORM 19], PF Withdrawal Advance [FORM 31] and Pension Withdrawal [FORM 10C].
  • Submission and Updating of PF Records, also doing follow-up at EPF office till it gets settled.
  • Maintenance of Inspection Book and Digital Signature uploading
  • Correspondence and Dealing at EPF Office with PF Authorities whenever required
  • Death Case Claim [Composite FORM- 10D, 20, 5-IF].
  • Attend PF Inspector for inspection of records, appearing before the concerned authorities on behalf of the employer in 7-A proceeding under EPF Act

PF ContributionBifurcation

A/C 1 A/C 2 A/C 10 A/C 21 A/C 22
EE – 12% ADMIN CHRG PENSION EDLI EDLI ADMIN CHRG
ER- 3.67% ER- 0.50% ER- 8.33% ER- 0.50% ER- 0%

PF Benefits for Employee

  • Tax benefits. Apart from the fact that an employee's contribution towards an EPF account is eligible for tax exemption under Section 80C, the interest rate earned is exempt from income tax.
  • Lifelong Pension scheme
  • Insurance benefit
  • Premature Withdrawal options
  • Higher returns.
  • Long Term Investment