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What is Provident Fund
A Provident fund is a compulsory, government-managed retirement savings scheme similar to the Social Security Program. Workers contribute a small amount of their salary and even the company shares an amount on behalf of the worker which can be utilized by the employee for future use.
The Government in 1952 established for the benefit and welfare of the employees.
Employees Provident Fund is one of the major platforms for savings for all the people who are working as an employee.
Companies which have employee strength of 20 or more are required to be registered with PF Department. In case there is any delay, some penalty will be charged on the same.
Documents required for an organization & Owner
|company’s PAN Card copy||Canceled check||Certificate of Incorporation|
|Partnership deed||Certificate of registration||Identity proof (Owner)|
|Aadhar Card||PAN Card||Voter Id|
Benefits of Provident fund (PF)
- Beneficial for insurance
- PF can lead to pension.
- It can be helpful for various occasions.
- Earn interest on the saved amount.
- If you contribute your PF for 10 years then you are eligible to get the lifelong pension as per the Employees Pension Scheme 1995.
Eligibility for having provident fund
- The one whose pay is less than 15000 per month.
- An employee is eligible for membership from the day he joins the company who has enrolled for EPF Scheme
- A member can contribute statutorily over and above the prescribed rate.
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