The Role of Provident Funds in Financial Security

A social security system known as Provident Fund was established in order to encourage employees to save and to benefit them in retirement. Each month, the employee and the employer contribute to the Provident Fund (PF). With a few notable exceptions, an employee’s contribution to the PF may only be withdrawn during the duration of their job. Employers registering with PF are required to submit their PF returns on a monthly basis. Each month’s 25th is the deadline for completing the PF return files. We shall go into great detail regarding the several forms that are used to file PF returns here. Employers can utilize the Unified site to conveniently file their PF returns. Who can apply for PF? All businesses that have registered for employee provident funds, or EPFs, are required to file an EPF return each month. Filing the EPF Returns is required if you have an EPF Registration. Employer and employee contributions to the Employee Provident Fund (EPF) total 12% of base pay over the course of employment. The employee’s EPF account receives a 3.67 percent transfer from the employer. The Employees Pension Fund (EPF) receives the remaining 8.33 percent from the employer. When the employee retires (on or after age 58), if they are jobless for two months, or if they pass away before reaching the designated retirement age, they may withdraw this sum. Documents required for PF Return Following are the general documents you will need to regulate the PF Return, however, this list is not exhaustive: 1: Employer Contribution in EPF 2: Employee Contribution in EPF 3: ECR Challan [copy] 4: Employee’s UAN Details [KYC Compiled].