EPF Act’1952

EPF is a welfare scheme brought into force to secure a better future for employees. It is a statutory benefit available to the employees post retirement or when they leave the services. In case of deceased employees, their dependents will be entitled for the benefits. Under the Employees’ Provident Fund Scheme (EPF Scheme) both employers and employees have to make their contributions towards the Fund. Interest earned on the amount is credited to the member’s Provident Fund Account (PF account) and is available to the employee at the time of retirement or exit from employment as the case may be, provided certain conditions are fulfilled.

EPFO (Worker Provident Support Organization)

EPFO, or Employees’ Provident Finance Organization and Employees’ Provident Fund Scheme, is a non-constitutional body that energizes representatives to spare stores for retirement.

EPFO was launched in 1951 and is administered by the Service of Work and Business. It offers plans that cover Indian and universal workers.

Employees’ Provident Fund Scheme and EPFO

Given underneath are the three plans that are advertised beneath EPFO:

• Employees’ Provident Reserves Conspire 1952 (EPF)
• Employees’ Annuity Plot 1995 (EPS)
• Employees’ Store Connected Protections Plot 1976 (EDLI)

Objectives of the EPFO 

The EPFO’s essential objectives are as follows:

• To guarantee that each representative has one EPF account.
• Compliance must be made as straightforward as possible.
• Ensure that organizations take care of all of the EPFO’s rules and directions regularly.
• To guarantee the constancy of web administrations and to increase their facilities.
• All part-time accounts ought to be effectively available online.
• Claim settlement times will be brought down from 20 to 3 days.
• Encouragement and advancement of intentional compliance.

EPF Eligibility

Here are the qualification prerequisites that must be met to connect an EPF scheme:

• Worker Provident Finance is open to representatives of both the open and private divisions, which implies all workers can apply to end up individuals of EPF India.
• Any organization that employs at least 20 people is regarded as at risk of expanding the benefits of ESI PF to its workers.

If you wish to avail of the Employees’ Provident Fund Scheme for your company and employees, contact V and S Consultants for ESI PF Consultants service today and book your appointment with professionals.