In the year 1952, Employees Provident Fund Organization (EPFO) and Miscellaneous Provisions act introduced a scheme named Employees Provident Fund (EPF) with an objective to promote an employee to save a segment of his income for future needs. The program is controlled under the EPFO which bounds an entity with more than 20-employees to obtain PF Registration. An institute with a lesser number can also opt for PF Registration on its own free will.
In Private sector, the PF amount is calculated on the sum of basic salary, dearness allowance and retaining allowance of an employee, where 12% is contributed by the employer and remaining 12% by the employee itself. Whereas, in the case of an organization with a lesser number of employees, or organization matching other criteria of EPFO guidelines, the contributed percentage is restricted to 10% of the basic salary.
As per EPFO instructions, an employee with less than INR 15,000 of monthly salary is obliged to be a part of EPFO whereas an employee drawing more salary is not bound to register for PF but can voluntarily do it with employer’s permission
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