EPF Registration
EPF Consultants
Employees Provident Fund (EPF) is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of the Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization.
The employer must obtain the registration within 1 month of attaining the strength, failing which penalties will be applicable. A registered establishment continues to be under the purview of the Act even if the employee strength falls below the required minimum.
Overview
Every establishment in which 20 or more employees are working ( whether employed directly or through contractor ) shall comply the Employees Provident Fund (EPF) Scheme under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
Overview
Every Business needs a strong foundation. Setting up your business requires a lot of time and includes many legal compliances. We’re there to help you out.
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FAQ
Frequently asked questions.
Any salaried employee with a monthly income of less than 15,000 INR needs to compulsorily be a member of the EPF. An employee with a monthly income higher than INR 15,000 (the current prescribed limit) is eligible to become a member of the EPF if he/she gets approval from the Assistant PF Commissioner and employer.
PF is the popular name for EPF or Employees' Provident Fund. Only employees of companies registered under the EPF Act can invest in the EPF or PF. Both the employer and employee are required to contribute 12% of the employee's basic salary and dearness allowance every month to the EPF account.
To meet short-term needs, partial early withdrawal from EPF is permitted but only on certain conditions. Investors are suggested not to make withdrawals from their Employees' Provident Fund (EPF) until maturity as it works on compounding and the corpus if allowed to build up, can reap huge benefits.
Self-employed, those who do not earn a regular income and housewives can make voluntary EPF contributions to claim the tax relief. In addition, will receive additional special incentive of 15% subject to a maximum of RM250 annually for members aged below 55 years old.
