EPF stands for Employee Provident Fund, it’s a periodic contribution by both employer and the employee towards a common fund to ensure that the employee is financially secure during his retirement. Provident Fund is applicable for all employers of India having more than 20 employees.
This EPF scheme is launched by the Government of India for all employees who are working in the Government, Public and Private Sector Organizations. The main aim of this scheme is to establish provident funds for the employees covered by the Employees Provident Funds Act, 1952. This scheme applies to the employees of all factories and other establishments covered by this act. It’s usually a saving scheme where the employee gets the entire accumulated balances at the time of the retirement of the person.
On every month, all employers having PF registrations are responsible to file a return every month. The filing of returns must be completed by the 15th of each month.
