EPF is one of the important labour laws which provide financial security and stability to employees in an event that the employee is temporarily or no longer fit to work or at retirement. Employee Provident Fund (EPF) is implemented by the Employees Provident Fund Organization (EPFO) of India.
A company, factory or business unit employing 20 or more than 20 employees has to take registration under employee provident fund act mandatorily. Though they can take registration voluntarily even though their employee strength has not reached ceiling of 20 employees. A company having EPF registration has to mandatorily deposit 25.61 % of salary (Basic + DA) of all employees ( on consented employees in case of voluntary registration) every month. Out of which, 12 % is deducted from salary of the employee, and rest amount is paid by the employer himself.
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This article is written by: ACS Prince Kunal
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