You may know it as that annoying, elusive chunk of your monthly salary that you aren�t able to spend. So what is it, and where does it go? Employee�s Provident Fund (EPF) is a retirement benefit scheme that�s available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organisation of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO.
When you start working, you and your employer both contribute 12% of your basic salary (plus dearness allowances, if any) into your EPF account . The entire 12% of your contribution goes into your EPF account along with 3.67% (out of 12%) from your employer, while the balance 8.33% from your employer�s side is diverted to your EPS (Employee�s Pension Scheme) . It�s important to note that if your basic pay is above Rs. 6,500 per month, your employer can only contribute 8.33% of 6,500 (i.e. Rs. 541) to your EPS and the balance goes into your EPF account.
FOR PROPRIETORSHIP + PARTNERSHIP 1
EMPLOYEE STRENGTH(1-10 Nos)
10001+ GST 18%
FOR PRIVATE LIMITED COMPANY
EMPLOYEE STRENGTH(11-30 Nos)
1200+ GST 18%
COMBINE PACKAGE (ESI+PF)
EMPLOYEE STRENGTH(Upto 30 Nos)
A.The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.
A.Employees drawing basic salary upto Rs 6500/- (Rs. 15000/- from 01.09.2014) have to compulsory contribute to the Provident fund and employees . become member of the Provident Fund .