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The Provident Fund can be a great support, safety and assurance for employees as it offers a sense of financial security to the employees. It is regulated by the Employees’ Provident Fund Organization (EPFO), which is also one of the most well-known and biggest Social Security Organisation in India. They handle huge amounts of financial transactions daily. The process of applying for the provident fund is also not a difficult task if you have a professional to help you sort things out.
To be eligible for PF Registration, an organization must fulfil the following criteria:
- A factory with the total employee strength of 20 or more.
- An establishment that employs more than 20 persons. Here, the Central Government defines the class of such firms.
- An establishment that has less than 20 workers and has been notified of compulsory registration for not less than 2 months.
- Companies with less than 20 employees (Note: Such companies must issue a notice to the Employees’ Provident Fund Organization in 2 months or less than that)
The employer and the employees of an establishment must mutually agree to apply for PF to the Central PF Commissioner. A notification must be sent to the Official Gazette from the date of the agreement.
Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employers.