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 Employers PF dues – 15th of the following month Employ...
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