PF REGISTRATION SERVICES IN PURNIA,BIHAR
PF or EPF is called as Employee Provident Fund. Basically 12% of your salary automatically goes into PF account. Along with this, your employer should also contribute the same amount 12% of your salary into your PF account.
So, the cash that you’ve in your PF account earns interest annually, you could withdraw or transfer this whenever you make a job change.
How do we calculate PF?
EPF interest is calculated on the Contributions made by the employee as well as the employer. Contribution made by the employee equals 12% of his/her Basic Pay plus Dearness Allowance (DA).The interest is computed on the opening balance of each month.
When PF is applicable?
The Central Government has amended the ceiling for contributions under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPF Act) and the Employees’ Provident Fund and Miscellaneous Provisions Scheme, 1952 (EPF Scheme) from INR 6,500 to INR 15,000, with effect from 1 September 2014.
Primary Purpose of PF
The primary purpose of PF fund is to help employees save a fraction of their salary every month so that he can use the same in an event that the employee is temporarily or no longer fit to work or at retirement.Further, the employers also contribute towards administration of the benefits under the EPF & MP Act.’
What is PF scheme?
Employee’s Provident Fund (EPF) is a retirement benefit scheme that’s available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organisation of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO.
