It is best scheme for the employees which comes under Employees Provident Funds and Miscellaneous Provisions Act, 1952.
According to the act, if the strength of the company is more than 20 employees then it’s mandatory for the establishment to obtain EIN No. If the employee strength of the company less than 20 then the company can apply for EIN. Any company can get the EPF registration certificate within 30 days from the date of the employment of 20 employees.
Eligibility for Employees Provident Fund
- At the time of joining of any employee, he or she is getting wages of Rs 15,000 is required to become a member.
- In this act, Wages includes Basic plus Dear Allowances, Cash Value of food concession and retaining allowances. If any.