What is the full form of the PF?
The Full Form of PF is a Employees’ Provident Fund Organisation
The full sort of EPFO is worker Provident Fund Organization. it’s a statutory body designed to help the CBT (Central Board of Trustees) by the Indian government. it’s established by the Miscellaneous Provision Act, 1952 & workers Provident Fund. it’s beneath the executive jurisdiction of the Indian government’s Department of Labour & Employment. At varied places across the country, it’s concerning 122 offices.
Based on range|the amount|the quantity} of candidates and also the number of economic transactions, EPFO is one in all India’s biggest Social Security organizations. It supports the Central Board within the administration of a compulsory provident fund contribution program. It conjointly is a nodal agency for alternative nations to enforce Bilateral Social Security Agreements.
Bref history of EPFO
- Through the Employees ‘ Provident Fund Ordinance came into existence in 1951.
- That was later replaced by the Employees ‘ Provident Fund Act of 1952.
- Currently, this case is known as the Employees Provident Funds & Miscellaneous Provisions Act, 1952.
- It applies across India, except for the state of Jammu and Kashmir.
What is the full form of PF in salary?
Employee Provident Fund (EPF) could be a theme during which you’ll produce wealth throughout your operating years as AN worker at a government or non-public organization. This quantity earns interest, and you’ll use it to finance a locality of post-retirement life or different goals.
What are PF benefits?
EPFO permits for Partial Fund Withdrawals inbound cases like medical emergency, home equity credit reimbursement, construction or purchase of a replacement house, renovation of the house, the marriage of kids or self. Loan against PF. Associate in Nursing EPF member may avail loan within the wake of a monetary emergency with a one % rate of interest.
What is the PF percentage in salary?
The contributions owed by the leader and therefore the worker underneath the theme square measure twelve-tone music of PF wages. From the employer’s share of contribution, 8.33% is contributed towards the Employees’ Pension theme and therefore the remaining three.67% is contributed to the EPF theme.