Provident Fund registration is a must or can we register with Max ,LIC or Aviva schemes for our employees ?
What are voluntary schemes and how is it diffferent from Govt standard PF scheme . Please help
Thanks
Partha
From India, Mumbai
1What are voluntary schemes and how is it diffferent from Govt standard PF scheme . Please help
Thanks
Partha
From India, Mumbai
Dear friend
Once your establishment has morethan 20 employees and if your establishment fall under the schedule of employment covered by PF Act, you have no option but to cover your estb. under PF Act. There is no alternative to PF Act like you cannot cover your estb. in LIC, any other life issurance as these scheme don't provide all the benefits extended by the PF Act.
You can at the most approach the PF Deptt. vountarily ( if you have less than 20 employees) and request them to cover your establishment. They will be happy to cover your estb. Another option is wait till your establishment have 20 or more employees and then approach the PF deptt. for coverage. This is because sometime it happens that by the time PF Deptt. covers your establishment the strength exceeds 20 and the concerned PF iNSPECTOR may cover the estb. from resprospectiv e date.
At such times, the employers has to bear unnecessary burden.
From India, Nagpur
Once your establishment has morethan 20 employees and if your establishment fall under the schedule of employment covered by PF Act, you have no option but to cover your estb. under PF Act. There is no alternative to PF Act like you cannot cover your estb. in LIC, any other life issurance as these scheme don't provide all the benefits extended by the PF Act.
You can at the most approach the PF Deptt. vountarily ( if you have less than 20 employees) and request them to cover your establishment. They will be happy to cover your estb. Another option is wait till your establishment have 20 or more employees and then approach the PF deptt. for coverage. This is because sometime it happens that by the time PF Deptt. covers your establishment the strength exceeds 20 and the concerned PF iNSPECTOR may cover the estb. from resprospectiv e date.
At such times, the employers has to bear unnecessary burden.
From India, Nagpur
Thank You Sunil .
I need an another clarification .
Our's is a high end design organisation and average salary per person is more than 1 lakh per month . We were told if the salary is high like this then PF is an optional
contribution and not mandatory .
Please advise
Thnaks
From India, Mumbai
I need an another clarification .
Our's is a high end design organisation and average salary per person is more than 1 lakh per month . We were told if the salary is high like this then PF is an optional
contribution and not mandatory .
Please advise
Thnaks
From India, Mumbai
Dear Mr.Partha,
All act related to employees are to safeguard their benefits and intrest, if employer can provide benefit with par or more than that, then no officer will have any objection as employees are benefited.
If your employees salary(basic+DA+cash value of food concession) is more than Rs.6500
then its not madatory for employees nor employer to contribute EPF fund. In this case mutual consent of employer and employees to contribute to fund or not. In this case it can be exempted.
I would like to have expert comment in this regards.
Regard's
Shaikh
From India, Bhubaneswar
All act related to employees are to safeguard their benefits and intrest, if employer can provide benefit with par or more than that, then no officer will have any objection as employees are benefited.
If your employees salary(basic+DA+cash value of food concession) is more than Rs.6500
then its not madatory for employees nor employer to contribute EPF fund. In this case mutual consent of employer and employees to contribute to fund or not. In this case it can be exempted.
I would like to have expert comment in this regards.
Regard's
Shaikh
From India, Bhubaneswar
I agree fully with Mr Shaikh. However, PF is a social security measure. Even though you and your employer are exempted from the coverage of the act, if both of your mutually deecide to contribute to the extend of salary Rs. 6500/- pm( and not more) both will be benefitted. Both will be benefitted under Income tax act. for the amounts contributed during the financial year. The employee will be benefitted by way of lumpsum PF contribution at the ageeof superannuation+ Pension. Another option is let your employer contribute to the extent of Rs. 6500/- per month(Basic+da) or(consolidated basic) and you as employer contribute your share of PF on your actual basic (which may be morethan Rs.6500/-). The PF Act is infact a beneficial provision for the employees and employer. THE CHOICE IS YOURS.
From India, Nagpur
From India, Nagpur
As per the New Compaign of enrolling employees who have been left unrolled under the EPFO Act, i would like ask whether an organisation has to obtain registration under PF Act first or later it can obtained
From India, Calicut
From India, Calicut
Hi,
I am working in a old organization, which has been started in the year 2010, i am handling all HR responsibilities, but i came to know that they lost PF registration original copy.
kindly if anybody know please tell me how to get the duplicate copy so that it will be useful to me.
thanks
From India, Secunderabad
I am working in a old organization, which has been started in the year 2010, i am handling all HR responsibilities, but i came to know that they lost PF registration original copy.
kindly if anybody know please tell me how to get the duplicate copy so that it will be useful to me.
thanks
From India, Secunderabad
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REGISTRATION & LICENSING UNDER DELHI S&E ACT.pdf
Provident fund.zip
Registration for EPF-Procedures & documents.docx