WHAT IS PROVIDENT FUND?
A Provident fund is a mandatory, government-managed retirement savings scheme similar to the Social Security Program(SSP). Workers contribute a small amount of their salary and even the company shares an amount on behalf of the worker which can be utilized by the employee for future use.
The Government established this scheme in 1952 established for the benefit and welfare of the employees.
Employees Provident Fund is one of the main platforms for saving money for all the people who are working as an employee.
Companies that have employee strength of 20 or more are required to be registered with PROVIDENT FUND (PF) Department. In case there is any delay or issue, some penalties will be charged on the same.
BENEFITS OF PROVIDENT FUND
✔ Beneficial for insurance.
✔ PF can lead to a pension in the future.
✔ It can be helpful for various occasions and situation needs.
✔ Interest on the saved amount.
✔ After 10 years, you are eligible to get the lifelong pension as per the Employees Pension Scheme 1995.
ELIGIBILITY FOR HAVING PROVIDENT FUND
✔ The one whose pay is more than 15000 per month.
✔ An employee is eligible for membership from the day of joining.
✔ Contact shoolin consultancy Website.
✔ Provide the required documents to us.
✔ An acknowledgment will be provided by our end.
✔ Finally, the document will be delivered to you at the end of the process.