Rapport HR Solution-The great Consultant of EPF Registration Servicesby Ram Kumar Article Writer
What is Employees Provident Fund?
Employees provision fund is a retirement scheme organization in which employees of any organization contribute a small portion of their basic pay monthly. EPF is not one scheme but comprises three different schemes with three different objectives. These are EPF(Employee Provident Fund), EPS(Employee Pension Scheme) and EDLI(Employee Deposit Linked Insurance).
The employees also contribute a similar amount on their behalf toward the scheme.
Employees Provident Fund Registration services extend social security to the employees under the guidance of Rapport HR Solution.
How does EPF work?
Under the EPF Act, all organizations with more than 20 employees are required to register with the Employees Provident Fund Organization. When an organization starts working in an establishment with more than 20 employees, both the employee and the employer are required to contribute 12% of the basic pay to the EPF account.
While the entire 12% of the basic pay is directed towards the employee EPF account, such is not the case with the employer's contribution. Then the employer matches your 12% contribution, only 3.6% of the contribution goes into his EPF account and the remaining 8.33% of the employer’s contribution is directed towards Employee’s Pension Scheme.
Benefits of Employees Provident Fund Registration
Rapport HR is a trusted organization that performs Employees Provident Fund registration and gives several benefits -
- One of the best retirement planning scheme
- Excellent interest rates
- Favourable taxation
- Life insurance
- Post-retirement benefits
- Convenient saving organization
Created on May 29th 2021 00:51. Viewed 136 times.
No comment, be the first to comment.