How PF (Provident Fund) is Calculated on Salary ? Know the Interest Rates

WHAT ARE THE OBJECTIVES OF EPFO?

Here are the main objectives of EPFO:

To guarantee that each employee has a single EPF account.
Easy facilitation of compliance is necessary.
Ensure that businesses consistently abide by the rules and guidelines established by the EPFO.
To make changes to their infrastructure and assure their Internet offerings’ dependability.
For simple online access to all member accounts.
Settlement times for claims will be cut from 20 days to 3 days.
Encouraging and promoting voluntary compliance.

The following are some advantages of the EPF programme:

It helps with long-term budgeting and saving.
It is not necessary to invest all of your money at once. The employee’s income is deducted on a monthly basis, which results in considerable savings over the long term.
In a crisis, an employee might gain financially.
It helps one retain a high level of living and encourages retirement savings.

The following is a list of the requirements to join the EPF programme:

Salary workers must open an EPF account if their monthly take-home pay is less than Rs. 15,000.
If an organisation employs more than 20 people, then it is required by law to register for the EPF programme.
Companies with fewer than 20 employees may also voluntarily join the EPF programme.
Additionally, employees who make more than Rs. 15,000 per month can open an EPF account with permission from the Assistant PF Commissioner.
The benefits of the EPF system are available to all of India, with the exception of the states of Jammu and Kashmir.