Every Month a portion of your Salary is deducted towards EPF - This will be referred to as "Employee Contribution". Your employer too contributes a certain amount every month towards EPF - This will be referred to as "Employer Contribution".
Employee Contribution: 12% of your Basic Salary + DA (Comes out of your Salary)
Employer Contribution: Another 12% of your Basic Salary + DA (Comes out of your Employers Pocket)
There is no such thing as an Employers provident Fund. There is only Employees provident fund and it is provided to help employees accumulate a retirement corpus
Central Provident Fund was created in 1955.
There is no such thing as an Unrecognized provident fund. The rate of interest on provident fund in India is 8.6% per year
None. The Indian government does not allow FID in provident fund
If basic salary is Rs. 10000 the PF is 1200. It is 12% of the basic salary
Yes. The Employers signature/attestation is required to get the provident fund
Yes, the interest paid by provident fund will fall into riba category
how many staff should e in a company to start provident fund
No. The government has the Employee Provident Fund which is mandatory for all employees of companies in India
The difference between a pension fund and provident fund is in how the benefits are paid out. A provident fund pays all he retirement benefits in a lump sum cash benefit at retirement. A pension fund pays one third of the benefit as a lump sum at retirement and the rest is paid out over the lifetime of the beneficiary.
Government of India
Nothing because they both refer to the same thing
I dont think so. Every individual who is the employee of a company has to get provident fund. So, in your case I doubt that.
20 employees required for enrollment in provident fund scheme
No, it is not required. You need to pay provident fund only to people who are regular employees and not people who have left the company or absconded.