PF Registration
PF Registration
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Market Price – Rs: 14,899
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Employee Provident Fund
Employee Provident Fund (EPF) is a retirement benefits scheme established by the Indian government for salaried employees. It is a mandatory savings scheme that helps employees save for their retirement. The EPF is administered by the Employees’ Provident Fund Organisation (EPFO), a statutory body under the Ministry of Labour and Employment.
Under the scheme, both the employer and employee make regular contributions towards the employee’s retirement fund. The contribution rate is typically 12% of the employee’s basic salary plus dearness allowance (DA), which is matched by the employer. In certain cases, the contribution rate may be higher.
The accumulated funds in the EPF account can be withdrawn by the employee at the time of retirement or resignation. The employee is also eligible to withdraw the funds partially in certain cases such as medical emergencies, home loan repayments, marriage, or education expenses.
The EPF scheme also provides a life insurance cover to employees, which is equal to the employee’s basic salary plus DA. The scheme also includes a pension benefit, called the Employees’ Pension Scheme (EPS), for employees who have completed 10 years of service.
The EPF scheme provides financial security to employees during their retirement and is an essential employee benefit provided by employers in India. Employers are required by law to enroll their employees into the EPF scheme and contribute towards their retirement savings.