The role that HR consulting plays in the Employee Provident Fund

 


Employee Provident Fund Act Services

The Employee Provident Fund Act Services was created to help workers in factories and other places save money for the future. The money in the EPFO is put into different investments based on rules set by the Indian government. When deciding where to invest, the focus is on keeping the money safe, making sure it grows well, and using good judgment,so the money is always working and not just sitting around. Each year, the interest rate for the EPF savings is chosen based on how much money is expected to come in and what the EPFO needs to pay out that year. The Act provides for three schemes viz.,

  • Employees' Provident Fund Scheme, 1952.
  • Employees' Pension Scheme, 1995.
  • Employees' Deposit Linked Insurance Scheme, 1976.
  • Employee Provident Fund Act Services
Benefits

When you save money for the future, it grows with extra money called interest. You can take some of this money out when you stop working, if you leave your job, or if something happens to you. You can also take out some money for important things like building a house, getting married, or if you get sick.

Nomination

  1. There is one form that works for all three plans. For the EPF plan, the nominations also count for the EDLI plan.
  2. If a member has a family, they can choose one or more family members to nominate, as explained in the rules of the EPF plan from 1952.
  3. If a member doesn’t have any family members, they can pick someone else to nominate, but if they later get a family, that nomination won’t count anymore.


Claim Forms

  • To finish everything for a member, use Form 19.
  • To take out money in special situations, use Form 31.
  • To move an old account to a new one, use Form 13.
  • If you need help with a LIC Policy, use Form 14.
  • To settle things for someone who has passed away, use Form 20.

Why Choose Us for Employee Provident Fund Act Services?

Viriksha HR Solution is a professional organization that guarantees that the current laws and amendments associated with PF are being followed to the letter with less risks of legal penalties. We offer:

1. Expert Compliance Management: 
We have comprehensive knowledge on Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Provident Fund Scheme, 1952. We make sure that your company is in compliance with all the statutory requirements and reduce the chances of penalties and lawsuits.

2. Tailored Provident Fund Schemes:
We create PF schemes that are in line with the objective of your company and that are in line with the expectations of employees. We further review the needs of your workforce and tailor the contributions to your workforce to increase employee satisfaction and retention.

3. Streamlined Administration:
PF account administration is complicated. We do the implementation and maintenance of these accounts, which are timely filed and updated. We also help in transfer of PF balances in case of employee transfer.

4. Tax Optimization:
We help structure contributions to maximize tax benefits for both the employer and employees

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