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PF stands for Provident Fund, which is a retirement savings scheme in India. It is managed by the Employees' Provident Fund Organization (EPFO), a statutory body under the Ministry of Labour and Employment, Government of India. The PF scheme aims to provide financial security and stability to employees after their retirement or upon leaving their job.
Applicability of PF:
PF is applicable to businesses and establishments employing 20 or more employees. However, in certain cases, establishments with fewer than 20 employees can also opt for PF coverage voluntarily. The scheme covers both permanent and temporary employees, including contract workers.
Employees' Contribution to PF:
Under the PF scheme, both the employer and the employee contribute a fixed percentage of the employee's salary to the provident fund.
Employee's Contribution: The employee contributes 12% of their basic salary plus dearness allowance (if applicable) towards the provident fund.
Employer's Contribution: The employer also contributes 12% of the employee's basic salary and dearness allowance (if applicable) to the provident fund.
It's important to note that the entire employee's contribution goes into the provident fund, while the employer's contribution is split between the provident fund (3.67%) and the Employees' Pension Scheme (8.33%).
PF Registration and Filing:
To register for PF, employers need to follow these steps:
Obtain Employer's Registration: The employer must register the establishment with the EPFO through the Unified Portal for Employers (UAN) within 30 days of employing 20 or more employees.
Obtain Employee Details: The employer must collect necessary details of eligible employees, such as their name, date of birth, address, salary, and bank account details.
Generate UAN and PF Number: Upon successful registration, each employee will be provided with a Universal Account Number (UAN) and a PF account number.
Monthly PF Filing: Employers are required to file PF contributions online through the EPFO portal. Contributions should be filed and paid every month before the 15th of the following month.
Maintain Records: Employers must maintain accurate records of wages paid and contributions made for each employee.
PF withdrawals can be made by employees for specific purposes, such as retirement, medical emergencies, home purchase, and more, subject to certain conditions.
For the most up-to-date information on PF and its filing procedures, employers should refer to the official EPFO website or consult with a qualified professional. Compliance with PF regulations is essential to avoid penalties and legal consequences.
Sathish Ramalingam Co-founder of eAuditor Office
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