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EPFO is the largest social security entity with a large mass of financial transactions within it.
EPF Registration Online provides various benefits to the employee after their retirement in the form of PF.EPF is a short form of Employee Provident Fund that is managed and regulated by Employees Provident Fund Organization (EPFO) and it is launched under Employee’s Provident Funds & Miscellaneous Provisions, Act 1952.Advantages of EPF RegistrationThe employer adds some ratio of the fund to the EPF fund alongside the share of the worker.
The employer or the business owner of the company also adds his part which is inclusive of the employee pension scheme (EPS).This Employee Provident fund supports as an aid for the worker at the time of their retirement period, illness, disability demise, or any risk happened to the worker.In case the worker changes his job, the PF account of an employee needs to not be closed and may be carried forward to this company.PF funds own by the employee can be run for long-term plans.Eligibility for EPF Registration for Indian employersTo be eligible for PF Registration, a corporation has got to fulfill the subsequent criteria:A factory with a total employee strength of 20 or more.An establishment that employs more than 20 persons.
Here, the Central Government defines the category of such firms.An establishment that has less than 20 workers and has been notified of compulsory registration for not less than 2 months.Companies with but 20 employees (Note: Such companies must issue a notice to the Employees’ Provident Fund Organization in 2 months or but that)The employer and therefore the employees of an institution must mutually comply with apply for PF to the Central PF Commissioner.
A notification has to be sent to the Official Gazette from the date of the agreement.Every employee is eligible for PF right from the beginning of his employment.
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