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
Identity Proof
Address Proof
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)
The rates of return are the highest in the current scenario with the highest safety as compared to even the Debt mutual funds. Interest is credited to the member’s account on the Monthly running balances.
EPF is a government-backed retirement savings scheme that offers a guaranteed risk- free rate of return
EPF is locked in Up to retirement except for special circumstances as covered below where they can be withdrawn prematurely.
The subscribers will have access to their EPF account at the time of retirement from an organization or their nominees receive the same in the event of their untimely death.
It includes all medical care facilities for the person who is insured as well as dependent members of his/her family from day one.
It includes medical coverage for a certain specific illness which includes cash benefits
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.