EPF is about the Employees Provident Fund.EPF is the primary plan under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952
According to the principles, in EPF, employee whose 'pay' is more than Rs. 15,000 every month at the season of joining, isn't qualified and is called non-qualified worker. Workers drawing not as much as Rs 15,000 every month need to obligatorily progress toward becoming individuals from the EPF.
Contribution epf by employer and employee :
The contribution paid by the employer is 12% of basic wages plus dearness allowance plus retaining allowance. An equal contribution is payable by the employee also.
why it need for employee :
According to the principles, in EPF, employee whose 'pay' is more than Rs. 15,000 every month at the season of joining, isn't qualified and is called non-qualified worker. Workers drawing not as much as Rs 15,000 every month need to obligatorily progress toward becoming individuals from the EPF.
Contribution epf by employer and employee :
The contribution paid by the employer is 12% of basic wages plus dearness allowance plus retaining allowance. An equal contribution is payable by the employee also.
why it need for employee :
- Tax free: This fund is completely free of tax
- Post Retirement Benefits : Complete fund pay you after retirement.
- Emergencies :In any any emergency case like Death, Marriages, House Construction you withdraw your money.
- Loss of income : In case of you resign from job you don't have any job two month then you withdraw your money.
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