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 Unrecognized provident fund. The rate of interest on provident fund in India is 8.6% per year
Central Provident Fund was created in 1955.
VPF
None. The Indian government does not allow FID in provident fund
Yes. The Employers signature/attestation is required to get the provident fund
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.
Yes, the interest paid by provident fund will fall into riba category
how many staff should e in a company to start provident fund
Provident Fund
No
1952
No. The government has the Employee Provident Fund which is mandatory for all employees of companies in India