Employees Provident Fund is a retirement benefit scheme for all salaried people and this fund is maintained by Employees Provident Fund Organization of India (EPFO) and any company having 20 employees or more is required to register with EPFO.
During the working tenure, employee and employer both contribute 12 percent of the basic salary of employee into EPF account. Employee's entire 12 percent goes into EPF account and Employer's 3.67 percent is transferred into EPF account of employee. Rest 8.33 percent from employer's side is diverted in Employees’ Pension Fund (EPF)
1. You can receive fixed income after retirement, sitting at home in your old age.
2. You can invest more than the basic that is 12% of your monthly income under the services of Volunteer provident fund
3. Under Provident Fund, you can get life insurance at any age.
4. Provident Fund allows you to have a nominee from your family, so that they can get the monthly income or pension after your demise.
5. In any emergency situation and also under unavoidable defined circumstances such as weddings, job loss, loan repayment and so on, you can withdraw your PF early.
6. Having Provident Fund is not compulsory, though it is strongly recommended to everyone to join to keep their life secure after retirement.
1. Name and address of the company along with head office and branch details
2. Date of Incorporation of company
3. Provide Details of employees (name, date of joining, salary, etc)
4. Business of the company
5. Director’s details
6. Banking details of the company
7. PAN details
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Submit required documents for further process
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