Suhasini
Quick Summary
EPF stands for the Employees Provident Fund, which is a social security scheme available to employees in India. It is managed and administered by the Employees Provident Fund Organization (EPFO), a statutory body under the Ministry of Labour and Employment, Government of India. Under the Employee
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FAQ :
EPF stands for the Employees' Provident Fund, a social security scheme in India managed by the Employees' Provident Fund Organization (EPFO) for employee retirement savings and pensions.
Organisations with 20 or more employees are legally required to register for the EPF scheme. Those with fewer than 20 employees can choose to register voluntarily.
The employer contributes 12% of the employee's PF wages. Of this, 8.33% goes towards the Employees' Pension Scheme (EPS) and the remaining 3.67% is added to the employee's EPF account.
Besides the main contribution, employers also pay 0.50% of wages for the Employees' Deposit-linked Insurance Scheme (EDLI) and administrative charges of 1.10% for EPF and 0.01% for EDLIS.
Employers can register for EPF online through the Unified Shram Suvidha Portal (USSP) by visiting the EPFO website and selecting 'Establishment Registration'.
The current EPF interest rate applied to the total balance in an EPF account at the end of the financial year is 8.15%.
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