Provident Fund (PF)
What's full form of PF?
In 1952, the PF ( Provident Fund ) or EPF scheme was introduced under the Employee's Provident Fund and Miscellaneous Act. All the rules and regulations are defined by the Employee Provident Fund Organisation. The EPFO's activities are managed by the Ministry of Labour and Employment.
What is PF officer?
epfindia.gov.in. The Employees' Provident Fund Organisation (EPFO) is the social security body under the jurisdiction of Ministry of Labour and Employment, Government of India that is responsible for regulation and management of provident funds, pensions and the mandatory life insurance in India.
What is PF amount?
EPF or Employee Provident Fund is a fund in which a portion of your salary gets deposited every month, for the purpose of building your retirement savings. EPF balance is the total amount of your salary that is deposited in the EPF account, under your name, on a particular date.
Who is eligible for PF?
Employees drawing less than Rs 15,000 per month have to mandatorily become members of the EPF. However, an employee who is drawing ‘pay' above prescribed limit (currently Rs 15,000) can become a member with permission of Assistant PF Commissioner, if he and his employer agree.
How is PF calculated?
The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 % of 15000, which comes to Rs 1800/-. This amount is the employee contribution.
Who is CEO of EPFO?
| Address: Employees Provident Fund Organisation, Head Office Bhavishya Nidhi Bhawan, 14-Bhikaji Cama Place New Delhi – 110066 | Telephone: FAX: E-Mail: 26172671 26189910 cpfc[at]epfindia[dot]gov[dot]in |
What is the full form of PF in salary?
Introduction to a Provident Fund (PF)
A worker gives a portion of his/her salary to the provident fund, and an employer should make a contribution on behalf of the employees.
How can I see my PF online?
The Employee Provident Fund Organization does not provide any hard copy of annual provident fund statement. Employees can download their EPF account statement online by using the new e-passbook facility available on the EPFO website . In order to view and download your e-passbook, you need to register with EPFO.
What is a basic salary?
Basic salary, also called base salary, is the amount of money a salaried employee regularly earns before any additions or deductions are applied to their earnings . ... These adjustments may include such things as added bonuses or deductions for the employee's company health insurance premium.
Is PF mandatory above 15000?
EPF eligibility criteria
If you are drawing a salary higher than Rs. 15,000 per month, you are termed a non-eligible employee and it is not mandatory for you to become a member of the EPF , although you can still register with the consent of your employer and approval from the Assistant PF Commissioner.
How much is basic salary of CTC?
How much is basic salary of CTC? Usually, basic salary is 40% to 50% of CTC (Cost to Company) . Statutory components such as bonus, PF, gratuity and other benefits are determined on the basis of the basic salary. Any increase or decrease of basic salary can affect an employee's CTC.
What is the salary limit for PF?
Contribution to be paid on up to maximum wage ceiling of 15000/- even if PF is paid on higher wages. 2. Each contribution is to be rounded to nearest rupee. (Example for each employee getting wages above 15000, amount will be 75/-) 3.
What is the EPF rule?
EPF accounts are mandatory for employees earning up to Rs 15,000 a month in firms with over 20 workers, with 12% of the basic pay and dearness allowance deducted as employees' contribution and another 12% remitted by the employer.
Is it compulsory to deduct PF from salary?
If your starting salary is above 25000 Rs then it is not mandatory to deduct PF . But if you are already a member of EPF and your monthly salary increases to above 25000 Rs then you have to continue your PF contribution, but PF will be calculated on a limit 0f 15000 salary only.
How is PF calculated in CTC?
Employer Provident fund/EPF or Provident Fund
In this case the company has an option to either contribute 12% of 15,000 (i.e. 1800) or 12% of Basic salary . It is directly deposited in the employee's PF account. ... Hence, 12% of the basic salary gets contributed by the employee and another 12% by the employer.
