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EPFO Act

Benefits

  1. Provident Fund: Employees are eligible to receive a provident fund benefit, which is a lump sum payment upon retirement, resignation, or termination of employment.

  2. Pension Scheme: Employees are eligible to receive a pension upon retirement, which is calculated based on the employee's salary and length of service.

  3. Withdrawal Benefits: The EPF act allows the employee to withdraw the funds in certain circumstances such as marriage of self, children, illness, higher education, purchase of land/house, and construction of house

  4. Insurance: The EPF act also provides for an insurance scheme for employees, which provides for a lump sum payment in case of death or disablement.

The Employees' Provident Fund and Miscellaneous Provisions Act (EPF Act) is a social security legislation in India that provides for the establishment of a provident fund and pension scheme for employees in the organized sector. The act was passed in 1952 and is administered by the Employees' Provident Fund Organisation (EPFO), which is a statutory body under the Ministry of Labour and Employment.

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Eligibility

To be eligible for benefits under the EPF Act, an employee must be earning a wage of not more than 15,000 per month and be engaged in an establishment that has at least 20 employees. The employer is responsible for registering their employees with EPFO and making contributions to the provident fund on behalf of their employees.

Office Workspace

  • Registering an establishment or factory under the Employees’ Provident Fund Act and obtaining the Code Number

  • Completing Nomination & Declaration Forms in Form No. 2 (Revised) for new employees

  • Completing Form No. 9 (Revised), Form No. 11(Revised), Form No. 5A (Return of ownership), Form No. 12-A (Monthly Return), Form No. 5, Form No. 10, and Form No. 3-A (Monthly Contribution of the employees)

  • Completing Form No. 6-A (Annual Return) and performing bank reconciliation

  • Generating and submitting monthly PF Challan

  • Preparing Form 7(IF) and Statement IW-1 (International Workers)

  • Assisting in the preparation of PF withdrawal Forms (19, 10C/10D) and settling claims

  • Assisting in the transfer of PF accumulation (Form 13) from one region to another

  • Maintaining Eligibility Register and data in Foxpro +“DBF” Database File format as per the latest requirement of the R.P.F.C.

  • Representing the employer during inspections and appearing before the concerned authorities on behalf of the employer in 7-A proceedings under EPF Act

  • Managing correspondence and liaison with the P.F Department

  • Keeping clients informed of any amendments or changes to the act in a timely manner.

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