PF RETURN:- OVERVIEWS
What is PF Return and what are Some of its Lucrative Benefits?
If you are a working professional or going to be a working professional within a few days, then you must have heard your elders and seniors talking about PF return. Did you ever try to understand what is it all about? Yes, it is all about retirement benefits for the employees. Want to know about it in detail? Here it is…..
An Insight into the Concept of PF Return!
The employee's provident fund, shortly known as EPF refers to a special type of scheme that is controlled by the Employees Provident Funds and Miscellaneous Provisions Act of 1952. It is regulated by the EPFO, i.e., Employees Provident Fund Organization. The application regarding PF return is applicable for companies that employ more than twenty persons.
Voluntarily, organizations having a lesser number of employees may also obtain PF registration. The provident fund refers to the social security system that has been introduced exclusively for encouraging savings among the employees. The savings will duly benefit them post their retirement.
The contributions are made by both the employer and the employee every month. The contributions related to PF can be easily withdrawn by the employees during retirement. Employees that have successfully registered for Provident Fund are only eligible for filing of returns monthly.