Provident fund is a type of scheme where the salary of a monthly salaried is kept for pension person which only includes a small chunk of the salary for the purpose of giving it out at the end of the employment status of that set person in the given establishment. The Provident fund is established by Employees Provident Fund Organization (EPFO). PF registration is mandatory for organization where the employees count is more than 20 members, and the employees with salary less than Rs 15000/-have to mandatorily member of EPFO. The fraction of salary goes into the savings of the each individual which would be awarded during the retirement of the employee from the given place of work.
Employees’ Provident Fund and Miscellaneous Provisions Act 1952 is applicable to: Every establishment which is engaged in any one or more of the industries specified in Schedule I of the Act or any activity notified by Central Government in the Official Gazette. The individual can check its PF balance online and can withdraw it according to the PF withdraw rules.
At Unilex Consultants we provide you a hassle free provident fund registration process which would be dealt by our professionals within a time frame of 3-4 working days. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.
The employee can withdraw six times his or her worth salary or the entire PF amount based on whichever is lesser at that point of time, and the thus taken funds can be used for personal or blood relationship medical needs.
The PF process is totally taken care by the Employees Provident Fund Organization of India which provides a peace of mind and is secure in nature.
As per Employee Deposit Linked Insurance scheme, in any organization where group insurance scheme is not available to the employees, the organization has to contribute 5% of monthly basic pay as premium for the life insurance cover.
The employee can avail nomination benefits and the funds can be available to the nominee in case of any unfortunate event happening to the person who is enrolled for the PF scheme.
The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act.
There is a tax free interest (Compound) and maturity provides a great value added to the Provident Funds
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