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Compliance under Provident Fund

 


EPF is generally a scheme that is introduced to provide wider benefits for the employees on the completion of their employment. Every company that employs 20 or more employees falls under the EPF scheme. Here is the compliance checklist under EPF Act

Eligibility

Any person employed for work at an establishment or by a contractor in or in connection with an establishment and drawing a salary of Rs 15,000 per month is eligible under the EPF Act. The salary is calculated as basic salary and dearness allowance.

Rate of contribution

Employer – 12%

Employee – 12%

1.6% to the central government

Pension Fund

All employees who fall under the Provident Fund become a member of the Pension Scheme. If a person earns Rs 15000 per month, 8.33% of the basic salary is contributed towards the pension scheme from the employers share of contribution. A minimum contribution of ten years is required to receive monthly pension.

Compliance Checklist

  1. Employers PF dues – 15th of the following month
  2. Employees dues – 15th of the following month
  3. Payment of Pension and Insurance Fund – 15th of the following month
  4. Details of employees – Details of employees enrolled as PF members need to be updated within one month of coverage of the prescribed form.
  5. Nomination Form –  Need to be updated immediately on joining the fund
  6. Addition of members – Details of new members need to be updated within 15days of the following month
  7. Deletion of members – Details of members who have left service must be updated before the 21st of the following month
  8. Details of contribution – Details of employee and employer contribution need to be updated by the 25th of the following month
  9. Details of wages and contribution – Details of contribution of each member should be updated by the 30th of April every year
  10.  Yearly consolidated statement of contribution – This statement needs to be forwarded yearly with Form A
  11.  Return of ownership of the establishment – This information needs to be updated within 15 days of coverage and whenever there is a change in ownership
  12.  Transfer of PF – During the transfer of PF Form 13 needs to be filedaavana.in

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