What is EPF? || What is Employee Provident Fund? || HR Tutorials India || EPF Act || EPF Act 1952
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- Опубліковано 24 лют 2021
- What is EPF? || What is Employee Provident Fund? || HR Tutorials India || EPF Act || EPF Act 1952 || What is HR? Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.
What is EPF?
The Employees’ Provident Fund (EPF) is a savings scheme introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. It is administered and managed by the Central Board of Trustees that consists of representatives from three parties, namely, the government, the employers and the employees.
The Employees’ Provident Fund Organization (EPFO) assists this board in its activities. EPFO works under the direct jurisdiction of the government and is managed through the Ministry of Labour and Employment.
EPF scheme aims at promoting savings to be used post-retirement by various employees all over the country. Employees’ Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis.
The employer and employee contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF. These contributions earn a fixed level of interest set by the EPFO. The amount of interest to be received on the deposit along with the total accumulated amount is totally tax-free, i.e. the employee may withdraw the entire fund without worrying about paying any kind of tax on it.
EPF scheme applies to Hotels, Shops, Cinemas, and Preview Theatres, Restaurants, Newspaper Establishments, and Road-Motor Transport undertakings. This scheme has also been extended to the Private Educational and Medical institutions that have employed 20 or more people.
- Employees need to become an active member of the scheme in order to avail benefits under this scheme
- Employees of an organization are directly eligible for availing Provident Fund, insurance benefits as well as pension benefits since the day they join the organization.
- Any organization employing a minimum of 20 workers is liable to give EPF benefits to the workers.
- This scheme does not cater to the needs of people residing in Jammu and Kashmir.
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HR Tutorials India
What is EPF?
What is Employee Provident Fund?
EPF
Employee Provident Fund
EPF Act
What is Employee Provident Fund Act?
Employee Provident Fund Act
What is EPF Act 1952?
EPF Act 1952
Employee Provident Fund Act 1952
Employee Provident Fund And Miscellaneous Act
Employee Provident Fund and Miscellaneous Act 1952
EPFO
Employee Provident Fund Organization
EPF Calculations
EPF Contributions
What are the Benefits of EPF?
Benefits of EPF
Statutory Compliance
What is HR?
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Great Work
thank you sir 🙏🙏
Welcome :-)
Great explanation sir👍
Thank you :-)
Nice vedio sir.
Thank you @ Parminder Singh
Hello sir
I love watching your videos, which are very useful for me.
Would you please make a video on softwares which are most important in hr dept.
Dear User,
Sorry for the late response....
Definitely, I will be creating HR Software related videos very soon, and everyone can share their experiences, and learn from it....
Hi Sir does every employee is eligible for EPS ?
Make a video on diffident stocks and how we can benefit from it
Hahahahaha, its not my subject dear....
Greetings
Thank you, Perumal....
Please make video Company Car Policy
Dear R 24 TV,
There is no as such Company Car Policy. Can you please give me more clarity on this....
Company Car Policy is provided to Higher Or Mid level management employees for tax saving where Salary is provided after deducting amount of monthly car render
Can you please share the all ppt?
Dear Mariselvam,
Sorry, I cannot share all the PPTs, because its for Educations purpose. You need to watch the videos in UA-cam. If there are any queries, you can ask me, and I will help you in resolving the same....
Sir please guide me, what are the mandatory steps for this company.
Company is registered on 10 oct 2020 is it mandatory to open pf account of employees, if company having less than 10 employee, having voluntary epf registration, which is now given to every new incorporation by the govt side.
Dear Ravi Raj,
As per the EPF Act, it is mandatory for the organization to get registered with EPF if the number of employees are 10 or exceeding 10.
And if the employee strength is less than 10, it is not mandatory but if the employees and employer are willing for PF then registering through VPF (Voluntary Provident Fund) will be a better option.
@@hrtutorialsindia hi, is there a statutory exemption given in the law, stating in case employees count in the organisation is 20, and basic salary out of gross salary for all the employees is minimum 20-25k , and gross salary would be 35-50k. In this case Not required to contribute epf ? Does the law give exemption in this scenario?
@@hrtutorialsindia min 20 right ??