To be eligible for PF Registration, an organization has to fulfill the following criteria :

• • A factory with the total employee strength of 20 or more.
  • An establishment that employs more than 20 persons. Here, the Central defines the class of such firms.
  • An establishment that has less than 20 workers and has been notified of compulsory registration for not less than 2 months.

Companies with less than 20 employees (Note: Such companies must issue a notice to the Employees’ Provident Fund Organization in 2 months or less than that)

• • The employer and the employees of an establishment must mutually agree to apply for PF to the Central PF Commissioner. A notification has to be sent to the Official Gazette from the date of the agreement.

Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employer’s.

Pension Coverage
Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.

Cover Of Risk
In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.

Single Account/One EPF Account
The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.

Emergency Fund
Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can make claims online.

Employee Deposit Linked Insurance Scheme
Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.

Extended Goals
The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.