What is Employee Provident Fund (EPF)
Employee Provident Fund (EPF) is a scheme regulated by central government under ‘The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952′ which came into effect from 1951 which extends to whole of India except Jammu & Kashmir. EPF is one of the most beneficial investment methods for salaried employee. Government has initiated EPF registration and made it compulsory with certain conditions mainly for cultivating the habits of saving for all employees working in private sector, public sector or even in government undertakings.
APPLICABILITY OF EPF
REGISTRATION under EPF is compulsory:
· For every factory engaged in industry employing 20 or more employees
· For every other establishment having 20 or more employees during previous year.
· For every employee who is getting less than INR 15000/- per month.