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The Employee Provident Fund (EPF) provides several benefits to employees:
Retirement Savings: EPF helps employees accumulate a substantial retirement corpus through monthly contributions from both the employer and employee.
Tax Benefits: EPF contributions are tax-deductible under Section 80C of the Income Tax Act. The interest earned and the final withdrawal amount (if certain conditions are met) are tax-free.
Lifelong Savings: EPF provides a steady income post-retirement as employees can withdraw the entire amount, which includes contributions, interest, and any employer contributions.
Partial Withdrawals: Employees can withdraw a portion of the EPF for specific purposes like buying a house, medical emergencies, or children’s education before retirement.
Insurance Cover: The EPF scheme also includes Employee Deposit Linked Insurance (EDLI), which provides life insurance coverage to employees.
What else can I help you with?
What type of organisation comes under EPF. Are private primary school fall under it?
When the strength of number of employees of an organisation crosses 50, the management can voluntarily opt for EPF. Even the Employees' Union can approach the Employees Provident Fund authroity for coming within the purview of EPF and avail benefits.
How ESI EPF gratuity given to employee?
Employees' State Insurance (ESI), Employees' Provident Fund (EPF), and gratuity are different components of employee benefits in India. ESI provides medical and cash benefits to employees in case of sickness, maternity, or employment injury, while EPF is a retirement savings scheme where both employer and employee contribute a portion of the salary. Gratuity is a lump sum payment made to employees who have completed a certain period of service, typically five years, as a token of appreciation for their service. The eligibility and calculation of these benefits vary based on specific regulations and employment terms.
What are the benefits of EPF in India?
EPFO stands for Employees’ Provident Fund Organisation and is a non-constitutional body that promotes employees to save funds for retirement this organization is governed by the Ministry of Labor & Employment, Government of India & was launched in 1951. The following are the benefits of EPF Registration in India: Long-term goals: Long-term goals like marriage or higher education, necessitate the immediate availability of funds. During such times, the accumulated Provident Fund amount is frequently useful. EDLI Scheme: Employee Deposit Linked Insurance Scheme or EDLI Scheme is available to all PF account holders. As per this, the life insurance premium is deducted at the rate of 0.5% of the salary. Risk Coverage: One of the main benefits of EPF Registration is that it covers the risks that employees & their dependents may face as a result of illness, death, or retirement. Pension Coverage: Apart from the employee’s contribution to EPF, the employer contributes an equal amount, which includes 8.33% to the EPF. Need an Emergency: Some unexpected events like marriage or other family gatherings and any mishap/illness, necessitate quick financial help, and the Provident Fund amount can be extremely beneficial.
We want to know that how many employee is eligible of pf scheme in ca firm?
EPF Is mandatory if you have at least 20 employees. All employees are eligible for EPF
What is Gurgaon EPF extension no?
Gurgaon EPF (Employees' Provident Fund) extension refers to the regional office of the Employees' Provident Fund Organisation (EPFO) located in Gurgaon, Haryana, which oversees EPF-related services for employees and employers in the region. The specific EPF extension number can vary and is typically used for processing claims and inquiries. For the most accurate and updated information, it is advisable to contact the EPFO office directly or check their official website.
Who can apply for PF?
All businesses that have registered for employee provident funds, or EPFs, are required to file an EPF return each month. Filing the EPF Returns is required if you have an EPF Registration. Employer and employee contributions to the Employee Provident Fund (EPF) total 12% of base pay over the course of employment. The employee’s EPF account receives a 3.67 percent transfer from the employer. The Employees Pension Fund (EPF) receives the remaining 8.33 percent from the employer. When the employee retires (on or after age 58), if they are jobless for two months, or if they pass away before reaching the designated retirement age, they may withdraw this sum.
Who governed Indian Airlines Employees Provident Fund?
The EPF Organization of India
What much employer contribution in pf?
In India, the employer's contribution to the Employees' Provident Fund (EPF) is generally 12% of the employee's basic salary plus dearness allowance. Out of this, 8.33% is directed towards the Employees' Pension Scheme (EPS), while the remaining 3.67% goes into the EPF. For companies with less than 20 employees, the employer’s contribution may be reduced to 10%. Additionally, the government may provide benefits for small businesses under certain conditions.
What is ESI registration in India and who needs to register?
ESI (Employee's State Insurance) registration in India is a mandatory requirement for businesses with 10 or more employees (in some states, it's 20 or more). It's a social security and health insurance scheme for employees governed by the Employees' State Insurance Act, 1948. Both employers and employees contribute to this fund, providing medical and cash benefits to employees and their families in case of sickness, maternity, disablement, or death due to employment injury.
Federal Employees Compensation Act (FECA) provides compensation benefits to what employees?
Federal Employees Compensation Act (FECA) provides compensation benefits to federal employees who are:
(FECA) provides compensation benefits to federal employees who are?
Federal Employees Compensation Act (FECA) provides compensation benefits to federal employees who are:
Federal Employees Compensation Act (FECA) provides compensation benefits to federal employees who are what?
Federal Employees Compensation Act (FECA) provides compensation benefits to federal employees who are:
