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)
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
VPF
None. The Indian government does not allow FID in provident fund
Yes. The Employers signature/attestation is required to get the provident fund
Provident Fund
No
1952
how many staff should e in a company to start provident fund
Yes, the interest paid by provident fund will fall into riba category
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
No. The government has the Employee Provident Fund which is mandatory for all employees of companies in India