Employee Provident Fund is a major saving scheme in India for almost all salaried person working in the Government, public or private sector organizations. Employees Provident Fund is a scheme controlled by Employees Provident Funds and Miscellaneous Provision Act,1952. Employees Provident Fund Organisation (EPFO) is the worldâ€™s largest security organisation in terms of clientele and the volume of financial transactions undertaken.PF Registration is mandatory for all establishment which employs 20 or more persons. Some establishments having less than 20 employees may voluntarily obtain PF Registration.
A person collecting monthly income less than 15,000 then he is obligatory to become a member of EPF. Employees basic pay more than 15,000 at the time of joining is not required to make PF contribution. Moreover, an employee who is drawing pay of more than Rs 15,000 can still become a member and make PF contributions, with the consent of the Employer.