EPF
EPF (Employees’ Provident Fund) is one of the most important social security and retirement benefit schemes in India, designed to ensure financial stability and long-term savings for employees in the organized sector. Established under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, the scheme is administered by the Employees’ Provident Fund Organisation (EPFO), which operates under the Ministry of Labour and Employment, Government of India. The primary goal of the EPF is to encourage systematic savings among employees during their working years, ensuring they have a financial cushion after retirement or in times of emergency. EPF registration is a mandatory requirement for organizations that employ 20 or more employees, though smaller establishments can also voluntarily opt for registration. Through this process, employers register themselves and their eligible employees with the EPFO, enabling them to contribute to the provident fund on a monthly basis. Typically, both employer and employee contribute 12% of the employee’s basic salary plus dearness allowance towards the fund. These contributions accumulate over time with interest, providing employees with a substantial lump sum upon retirement or resignation. The EPF registration process is entirely online, ensuring ease and transparency for employers. Once registered, the establishment receives an EPF Code Number, which serves as the unique identification for all transactions related to the Provident Fund. Employers are responsible for timely deposit of contributions and submission of monthly returns through the Unified Portal of EPFO.