PF Return Filing
Applicability: The EPF Act imposes its jurisdiction upon establishments with 20 or more employees. This is all-encompassing, extending to both the private and public sectors, with specific exemptions for certain categories of workers. Contribution: Under the EPF Act, both employees and employers are mandated to contribute 12% of the employee’s basic salary and dearness allowance. Notably, the employer’s contribution is bifurcated, with 3.67% designated for the Employee Provident Fund and 8.33% allocated to the Employee Pension Scheme (EPS).
Benefits
For Employees: The EPF Act furnishes employees with the means to amass a retirement corpus, offering a secure financial future. It also grants access to the entire corpus upon retirement or in the event of specified contingencies, such as illness or unemployment. For Employers: Adherence to the EPF Act ensures regulatory compliance, promotes employee welfare and serves as a vital instrument for cultivating a motivated and loyal workforce. PF Return Due Date: 15th of every month
