(EPF) Employees Provident Fund is a scheme that is regulated by the employees Provident Fund Organization (EPFO) and it was introduced as Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. An Employee Provident Fund is designed to offer social security benefits to employees of a particular organization, make relationship stronger employee-employer bonds. In order to enjoy these benefits to the hilt, employers need to follow a set of rules and guidelines laid out, with registration forming the first step. Companies having the strength of 20 members of employees are expected to register themselves within one month from the time of attaining this strength, the delay in registration will applicable penalties. Co-operative societies are expected to register if their employee strength increases to 50 or more and registered organizations continue to be under the purview of the rules and regulations of the Act even if their employee strength falls below the minimum specified number. However the Central Government has the power to order of compulsory registration for organisations even with less than 20 employees to contribute towards EPF by giving them two months’ notice. Organisations with less than 20 employees can also contribute towards EPF on a voluntary basis. The employee and the employer each contribute 12% of the employee’s basic salary towards EPF. In case the organisation has less than 20 employees, the employer’s contribution is 10%.
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