Employees Provident Fund (EPF) Organisation
Employee provident fund is a saving platform managed by Employee provident fund organization(EPFO) which is an independent body developed by the law under the Ministry of Labour and Employment, Government of India. Any employer having more than 20 employees who have a maximum salary of Rs. 15000/- has to mandatorily list itself with the EPFO.
For all the employees falling under this scheme, employer has to contribute 12% and employee has to contribute 12% of his salary. Employees registered under this scheme enjoy a wide range of benefits such as:-
• Builds up employee saving corpus.
• In case of marriage, education of self, child or sibling- Member can withdraw 50% of contributions made.
• In case of purchase of house, maintenance of house or repayment of home loan -Member can withdraw from EPF corpus.
• On retirement, member of this scheme gets benefits of pension
• In case of resignation, employee can still enjoy interest on his PF contribution and his employee PF contribution.
We at helpurstartup.in helps your organization to register for PF.