Employees Provident Fund (EPF) is a scheme under the Provident Funds and Miscellaneous Provisions Act of 1952 of the Employees. It is controlled under the Provident Fund Organization of Employees (EPFO) umbrella. For all establishments employing 20 or more people, PF registration is relevant. PF registration can also be willingly acquired through facilities with fewer than 20 employees.
The employer's PF contribution is 6% (fundamental wage + dearness allowance + retention allowance). The worker shall pay an equivalent contribution. In the event of institutions involving less than 20 staff or fulfilling certain other circumstances under the EPFO regulations, the contribution rate for both worker and employer is limited to 10%. It is the fundamental wage on which the contribution is calculated for most staff operating in the private industry.
To become members of the EPF, it is mandatory that employees draw less than Rs 15,000 per month. According to the guidelines in EPF, at the time of joining, employees whose' basic pay' is more than Rs. 15,000 per month do not have to make PF contributions. Nevertheless, with the consent of the employer, an employee who receives payment of more than Rs 15,000 can still become a member and make PF contributions.
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