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The EPF (Employees’ Provident Fund) is the most popular investment for salaried individuals, and is maintained solely by the Employees’ Provident Fund Organisation of India (EPFO). As a rule, any company having more than 20 employees has to register with the EPFO.
A retirement plan for the private and public sectors in Malaysia, enacted by the Employees Provident Fund (EPF) Act of 1991, intended to help employees save a portion of their salary in the event of retirement, disability, sickness or unemployment.
Employees’ Pension Scheme (EPS) of 1995 offers pension on disablement, widow pension, and pension for nominees. EPS program replaced the Family Pension Scheme (FPS). It is financed by diverting 8.33 percent of employer’s monthly contribution from the EPF(restricted to 8.33% of 6500 or Rs 541.
Electronic Challan cum Return (ECR) is an electronic return in plain text format. All employers of covered establishments under EPF can now file Electronic Challan cum Return (ECR) from April 2012 and can dispense with filing physical returns in Form 5, 10, 12A, 3A, and 6A.
A universal number will be generated for each of the PF Account Number at EPFO. The UAN will act as an umbrella for the multiple Member Ids allotted to the same individual. The idea is to collate multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number.
EPF shall be deducted from salary every month and shall be deposited by 15th of every month. Get a free consultation for EPF Return Filling with deposit ECR Challan and Business Setup in India by Scheduling an appointment with an Adhimukti Associates Advisor.
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