The full form of PF is Provident Fund. Likewise, another name for it is the Employees Provident Fund. It is available for employees after their retirement. The EPFO(EMPLOYEES PROVIDENT FUND ORGANISATION) monitors the process of PF. If the company has above twenty employees, it will have to register with the EPFO. PF came into existence in 1952. The employees received a lump sum amount after their retirement. This act is applicable whole of India except Jammu & Kashmir. It is a past service benefit.
PF means Provident Fund. It is available for employees after their retirement. The EPFO (EMPLOYEES PROVIDENT FUND ORGANISATION) monitors the procedure of PF. The employees received a lump sum amount after their retirement. However, any worker can write their PF on the official site.
The process of PF is as follows:
Some amount will be deducted from the monthly salary of the employee & the employer also contribute the same amount and put into the EPF’s account. However, That amount will be available to the employees after their retirement with some rate of interest. That amount is fully exempt from tax if the employee contribution doesn’t exceed 12% of their monthly salary and interest does not exceed 9.5% p.a. above this rate, it will be taxable. Furthermore, It is a very beneficial scheme for developing a lump sum amount or for a fixed amount of pension after retirement. Finally, All the rules & regulations are defined under this act. Any employee can claim their PF on the official site.
Let’s check out eligibility for PF-:
Employees bringing less than Rs 15,000 per month have to be mandatorily mature members of the EPF. Yet, an employee who is bringing pay’ above the designated limit (which is presently Rs 15,000) can become a member with the approval of the Assistant PF Commissioner, if the employee and employer agree.
Provident Fund (PF) is looked upon by the Ministry of Labour and Employment, Government of India. Mukhmeet Singh Bhatia is Central Provident Fund Commissioner. A UAN provided by EPFO is mainly used to track PF balance and PF claim status. The interest rate for the fiscal year 2020-21 is 8.50%.
The website of EPFO is epfindia.gov.in. Every worker has a different identity as they are given a Universal Account Number (UAN). Presently, the following three schemes are running under the Provident Fund Act:
- Employees’ Deposit Linked Insurance Scheme, 1976
- Employees’ Provident Fund Scheme, 1952
- Employees’ Pension Scheme, 1995
| Term | Full Form |
| PF | Provident Fund |
FAQ’s
Likewise, another name for it is the Employees Provident Fund. It is available for employees after their retirement. The EPFO(EMPLOYEES PROVIDENT FUND ORGANISATION) monitors the process of PF. If the company has above twenty employees, it will have to register with the EPFO.
PF is short form of Provident Fund.
Provident Fund is full form of PF.
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