Employees’ Provident Fund or PF is a social security system that helps employees save a short portion of their salary for future benefits.
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The employee state insurance (ESI) is regulated by the Employee State Insurance Corporation which is an autonomous body under the Ministry of Labour and Employment, Government of India. The workers are presented with a huge variety of medical, monetary, and other advantages from the employer.
Employment Provident Fund (EPF) is a retirement perk that can be availed by every salaried employee. Any organization employing 20 employees or more are required to register under the EPFO. Contribution to the PF account is necessary for each employee receiving a basic salary up to INR 6500. Under this scheme, the employer needs to contribute an amount of 3.25% of the total monthly salary payable to the employee whereas the employer needs to contribute only 0.75% of his monthly salary every month of the year.
Yes, the statutory responsibility of the employer under section 2A of the Act read with the regulation 10-B to register their Factory/ Establishment under the ESI Act within 15 days from the date of applicability to them
The government is set to increase the monthly wage ceiling for mandatory Employees’ Provident Fund (EPF) cover to Rs 21,000 from Rs 15,000 at present, a move that could increase the government’s annual Employees Pension Scheme (EPS) current by 50% to Rs 3,000 crore.
Both the employee and employer provide 12% of the salary. The employers part consists of 12% of basic earnings+ dearness allowance + retaining allowance. If the amount of employees is smaller than 20 in the firm, then the PF rate is 10%