What is EPFO & PF?
EPFO & PF stands for Employees' Provident Fund Organisation.
The Employees' Provident Fund (EPF) is India's mandatory retirement savings scheme governed by the EPFO for establishments with 20 or more employees.
EPFO & PF explained
Under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, employees and employers each contribute 12% of basic wages plus dearness allowance (DA). For the employee, the entire 12% goes into the EPF account.
The employer's 12% contribution is split: 8.33% is allocated to the Employees' Pension Scheme (EPS) capped at a monthly wage ceiling of ₹15,000 (equating to ₹1,250/month), and the remaining 3.67% goes to the EPF. Employers also pay 0.5% toward the Employees' Deposit Linked Insurance (EDLI) scheme and 0.5% in EPF administrative charges.
Monthly Electronic Challan cum Return (ECR) filing and remittance must be completed by the 15th of the following month on the EPFO unified portal. Failure to file on time attracts damages under Section 14B and penal interest under Section 7Q.
Official source: Employees' Provident Fund Organisation India
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