Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated by Employees’ Provident Fund Organisation (EPFO). PF registration is applicable for all establishment which employs 20 or more persons. Organisations having less than 20 employees can voluntarily obtained the PF Registration.
Under the provisions of Privident Fund matching contributions up to 12% of salary has been paid by the employees and employers in each.
The mission of Provident Fund is to extend the Reach and Quality of publicly managed old age income security programs through consistent and ever-improving standards of compliance and benefits delivery in a manner that wins the approval and confidence of members in our methods, honesty and integrity.
Provident Fund (PF) payments are due on the 15th of each month. The employer must deposit a total of 12% or 10% of the employee wages towards PF on or before this date every month. For most entities, the PF rate of 12% would be applicable.
The Employee Provident Fund has launched the Unified Portal to streamline and simplify all aspects of provident fund for both employers and employees under Ease of doing business. Employees who have the newly allotted UAN can use the Unified Portal for various services.