At the time of joining an employee in the employment and getting wages up to Rs. 15,000/- is required to become a member.
Companies which have employee strength of 20 or more are required to be registered with PF Department.
Required - PF Membership of 3 years
Required - Minimum PF balance of Rs. 20,000 individually or including that of spouse who is also a member of Fund
Bank Account Statement
A blank and Cancelled Cheque
Two Revenue Stamps
Partnership deed (In case of partnership)
Certificate of Registration (In case of Proprietorship/ Partnership)
Certificate of incorporation (In case of company/ society trust)
Updating your exit date is important for claims submissions and settlements. If your exit date is not updated or is mentioned inaccurately, then your employment will not be marked continuous and you would have to pay tax on the interest that is earned during the intervening period.
An employee may face various kinds of hazards while on the job. It is the duty of the nation, and of course, the employer to provide employees with benefits for their well-being as well as that of their dependents.