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The EPF is created by the Employees Provident Fund Organization (EPFO) of India, a statutory body of the Indian Government under the Labor and Employment Ministry. It states that an organization having 20 or more permanent employees on its payroll, should register with the EPFO.
A Provident Fund is a fund that is created, through contributions, to provide financial support to individuals in their future (Specifically for post-retirement). The Employee Provident Fund is just such a fund. Contributions are made on a monthly basis, by both employees and employers, thereby encouraging employees to save a portion of their salary each month. Investments made by millions of employees across India are pooled together and invested by a trust.
Carlo Kiehn
Wiki User
∙ 11y agoThe EPF is created by the Employees Provident Fund Organization (EPFO) of India, a statutory body of the Indian Government under the Labor and Employment Ministry. It states that an organization having 20 or more permanent employees on its payroll, should register with the EPFO.
A Provident Fund is a fund that is created, through contributions, to provide financial support to individuals in their future (Specifically for post-retirement). The Employee Provident Fund is just such a fund. Contributions are made on a monthly basis, by both employees and employers, thereby encouraging employees to save a portion of their salary each month. Investments made by millions of employees across India are pooled together and invested by a trust.
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What is the minimum required number of employees for under Employee's Provident Fund Act in India at present?
20 employees required for enrollment in provident fund scheme
Should absconded employees be given provident fund?
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.
What is the minimum requirement of number of employees for employees provident fund to be compulsory?
20
Do Only permanent employees contribute to provident fund?
Yes
Does the company or union decide witch Provident Fund to have in a company?
No. The government has the Employee Provident Fund which is mandatory for all employees of companies in India
What is the minimum requirement of number of employees for employees provident fund to be compulsory in chennai?
20
When was the Employees Provident Fund Organization of India formed?
The Employees Provident Fund Organization of India is a statutory body of the Government of India under the Ministry of Labour and Employment. The organization is formed in 1952.
What is the significant difference between a Employees Provident Fund and a General Provident Fund in Indian Context?
Nothing because they both refer to the same thing
Is the Employees' Provident Fund pension received after retirement taxable?
No, it is not taxable
What is the minimum requirement of number of employees for employees provident fund to be compulsory in trust or society?
20
Who governed Indian Airlines Employees Provident Fund?
The EPF Organization of India
Why Provident Fund is being provided?
To help employees accumulate a corpus for their retirement
