[Updated July 2014]
Every Employee in India should have an Employee Provident Fund if He / She has a salary above Rs. 6500/-. If the Employer does not have it, employee has right to ask for EPF in his name. Generally, Employer has to pay the equivalent amount for EPF as much as the employee pays.
The employer shall pay the contribution payable to the EPF, EDLI and Employees’ Pension Fund in respect of the member of the Employees’ Pension Fund employed by him directly by or through a contractor.
The government will continue to contribute 1.16% upto the actual wage of maximum Rs.6500 per month towards Employees’ Pension Scheme. The employer’s share in the Pension Scheme will be Rs.541.
Under Employees’ Deposit-Linked Insurance Scheme the contribution @ 0.50% is required to be paid upto a maximum limit of Rs. 6500.
Who is Eligible for Employee Provident Fund ?
For New Entrants:
- An employee is eligible for membership from the day he joins the company who has enrolled for EPF Scheme
- If an Employer has equal to or more than 20 employees, it is mandatory for him or to join the Employee Provident Fund Scheme.
- If the employee’s emoluments exceed Rs. 6,500/- per month, he has the option to join the Scheme(s) with the consent of employer.
- Declare previous employment details, if any, in Form No. 11 to the employer.
- On becoming a member of the Schemes file details in Form No. 2 ( family particulars/ nominations) through the employer.
- Rate of contribution payable by a member shall be @ 12% of his emoluments.
- A member can contribute statutorily over and above the prescribed rate.
For Existing Members:
- Any change in the family status, such as, –
- marriage of the member.
- additions / deletion in the family.
- Legal adoption of the children.
- Change of nominee, is to be filed in Form No. 2 through the employer.
- In the event the member is holding a Scheme Certificate (under EPS, 95), he should surrender the same to the concerned EPFO office, through his employer.
- A member is entitled to various benefits & facilities such as withdrawals, advances, pensions, death insurance etc.
More on Taxation in India
Click on the links below to know more details about various aspects of Indian Taxation.
|Employee Provident Fund Forms||Employee Provident Fund||Employee Provident Fund Eligibility|
|Tax Structure in India||India income tax rate||Tax Saving Bonds|
|Top 10 Tax saving Tools||Top 7 Myths of Personal financial Investment!||Gift tax in india|
|Double taxation india||India NRI Tax||Capital gain tax in india|
|Import Duty in India||Corporate Tax Rate in India||Income Tax Return India|
|Tax Haven||Service tax in India||Direct Tax Code|
|Types of Tax||Tax system in India||Tax Saver Benefit Plan|
|Custom Duty in India||Online Insurance in India||Tax Saving Mutual Funds India|
|Tax Saver Schemes||Tax Exemption||India Tax Exemption|
|Tax Saving Options in India||Tax planning India||Inheritance Tax|
|Tax Rebate in India||Property tax India||Entertainment Tax in India|
|Income Tax in India||Income tax calculator||SBI Mutual Gold Fund|
|Tax Planning in India||India Tax deduction||Tax Deductions in India|
|Important Concepts Regarding Tax||Tax Forms||Endowment Tax|