EPF in India or Employment Provident Fund Scheme where every employee of any company contributes a certain percentage of their basic salary towards their retirement fund. Along with employees, the employer of the company also contributes towards the EPF of employees. With every month's contribution towards EPF by Employee and employer, a reasonable corpus fund is formed, which is used as the retirement fund of an employee after their retirement. In some cases, they can withdraw the EPF prior to retirement under certain circumstances. According to the EPF Act, every company with more than 20 employees needs to be registered with EPFO or Employee Provident Fund Organization. EPF claim is the responsible body for comprehensive governance and ordinance of Provident Funds in India while abets the Central Board to supervise a Pension Fund Scheme, an Insurance Scheme, and a mandatory contributory Provident Fund Scheme for the working industry of India.

Every employee who is registered under EPF Scheme is allotted a UAN Number or Universal Account Number by the EPFO or Employment Provident Fund Organization. The UAN Number is linked with the Employee's EPF Account and remains valid throughout the employee's life. The Universal Account Number or UAN number need not be changed if the employee is interchanging between jobs. Employees have to inform their new company about the existing EPF account and UAN number, ensuring that the funding towards the EPF account keeps continuing even in the scenario of a job change. With us you do your PF online.

We offer the best EPF services

As an employee in a business setting, there are numerous things you should know about the Employees Provident Fund (EPF). The Employees' Provident Funds and Miscellaneous Provisions Act of 1952 governs the primary plan. We at Sarkari Suvidha offer the best EPFO online.The system is administered by the Employees' Provident Fund Organization (EPFO).

It applies to any establishment that employs 20 or more people, and certain organizations are covered, subject to specific restrictions and exclusions, even if they employ less than 20 people.

Under the EPF plan, an employee must make a contribution to the scheme, and the employer must make an equal payment. On retirement, the employee receives a lump sum payment that includes both his or her own and the employer's contributions, as well as interest on both.

Most of us aim to fulfill three financial goals when we invest: generate wealth, have a regular income through a pension when we retire, and protect our family's future. To do your EPF online contact us now.

And, while we purchase separate financial goods to attain each of these objectives, there is one one that helps us achieve all three. The majority of us are not only aware of it, but also invest in it because it is part of our pay. We provide the best EPF India services. Employee Provident Fund, or EPF, is the product.

Here is to implify the structure of EPF for you by splitting it down into its constituent parts. We also examine how it works, the interest rate you can receive, and the rules for EPF withdrawals.

EPF: The Fundamental Structure

The EPF is not a single plan. It actually consists of three distinct plans with three distinct goals. The first section of EPF is where you save for retirement. This is the scheme's wealth generation component. The employee pension scheme is the second component of EPF (EPS). The goal of EPS is to generate a pension for employees over the age of 58. The third and last component of EPF is the Employee Deposit Linked Insurance Scheme, also known as EDLI. This is a life insurance policy. The good news is that you do not need to register for all of these perks separately. When you sign up for EPF, you are also automatically signed up for EPS and EDLI.

Let's take a look at each of these components and how they affect your pay.

EPF Contributions and Salary: The Process

If you are an employee, you contribute a portion of your salary to the EPF plan. This sum is frequently matched by an equal contribution from your employer. After that, the total sum is deposited with the Employee Provident Fund Organization (EPFO). And you continue to earn a certain rate of interest on the amount you deposit with EPFO each year. Contact us to get the information about the EPFO claim status.

Assume you contribute Rs. 5,000 per month to the EPF system as part of your paycheck. Your company will match it with an additional Rs. 5,000 every month. The total payment, Rs. 10,000, is then deposited with EPFO. Every year, you will receive 8.5 percent (the current rate of interest in the EPF system) on the amount you deposit with EPFO. Do your EPF claim online with us. This interest rate is subject to change because EPFO decides on it once a year.

This is the fundamental operation of an EPF plan. According to the legislation, the EPF deduction must now be 12 percent of your basic wage. However, keep in mind that salary only refers to two things in the context of EPF: your basic pay and your dearness allowance (DA). Your salary does not include your HRA, transportation allowance, special allowance, or any other benefit listed on your pay stub. In general, companies in the private sector do not have a dearness allowance component, so only the 'Basic Salary' is used to calculate EPF.

The company matches the employee's contribution exactly. So that's an additional 12%. As a result, the programme receives a total of 24 percent of your basic wage. We will help you throughout your PF withdrawal procedure. However, the entire 24 percent does not go towards the first section of EPF, which is where your retirement benefits are accumulated.