The Employees' Provident Fund (EPF) scheme in India is a social security measure that provides financial security and stability to employees post-retirement. It is governed by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and managed by the Employees' Provident Fund Organisation (EPFO). Compliance with EPF regulations is essential for both employers and employees. Here is a detailed overview of EPF compliance in India:
Eligibility and Applicability
Coverage: The EPF scheme is mandatory for establishments with 20 or more employees. However, some organizations with fewer employees can voluntarily opt for coverage.
Employee Eligibility: Employees earning a monthly basic salary up to ₹15,000 must mandatorily contribute to the EPF A/C, EPF for advance claim. Employees earning above this threshold can also participate on a voluntary basis.
