The Employee Provident Fund or PF is a retirement saving scheme provided by the government for all salaried employees in India, on which fixed interest is regularly paid. The Employee Provident Fund is a privilege given by the employer to their employees over and above their basic payment.
Employees Provident Fund is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization.
PF number looks like this:- MH/BAN/0000000/010/0000000. Here are the components in the PF number format:-
MH: These are 1st two characters signifying Regional Office code (e.g. MH for Maharashtra)
BAN: Next 3 characters show code of Regional Office / Sub-regional Office [e.g. BAN for Bandra (Mumbai-I) EPF office]
0000000: Next 7 digits show EPF employer registration code
010: Successive 3 digits express the extension assigned to the employer
0000000: Final 7 digits mean exact EPF account number of the employee
WHEN PF REGISTRATION FOR EMPLOYER REQUIRED?
He owns a business having 20 or more people; registration has to be done within One month from the date of hiring 20th employees. The class of such organizations whom the Central Government may, by notice would specify for compulsory EPF employer registration.