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Contribution Rates in EPF Registration
For establishments with personnel aged 20 or above, both employer and employee contribute a maximum of 12% of the employee's salary.
-Establishments with fewer than 20 workers contribute at a rate of 10% of the employee's basic salary, capped at 12%.
The PF Registration Journey
Employees’ Provident Fund, a social security scheme, empowers employees to set aside a portion of their income for future financial stability. Every organization must provide its employees with EPF benefits, akin to a retirement fund. The process of online PF registration falls under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, and it’s a mandatory step for organizations employing over 20 individuals. LAWLEGALTAX simplifies this journey.
Benefits Of EPF Registration Online
The advantages of EPF registration online include:
Pension Coverage
EPF registration ensures a robust pension.
Emergency Fund
Accessible for unexpected expenses.
Financial Risk Coverage
Assists dependents during illnesses, deaths, or retirements.
Employee Deposit Linked Insurance Scheme
Offers insurance coverage.
Single EPF Account
Transferable between jobs.
Long-Term Goals
Aids in property purchases and savings for children’s futures.
Frequently
Asked Questions
PF registration is crucial for employees as it ensures their financial security retirement planning .
Lawlegaltax simplifies PF registration with expert consultation, form filling, validation and swift PF number issuance
Employees include full -time , part-time , remote workers, contractors , consultants and freelancers
EPF registration offers pension coverage , financial protection, job transfer flexibility , emergency funds and easy balance checks .
Employers with 20 + employees must register , Those with fewer employees may also need to , based on government notifications. employees earning <₹15,000/month must join .