• Profile photo of Rithika Halakatti

      Rithika Halakatti posted an update

      2 months ago

      The Employee Provident Fund (EPF) is a government-mandated savings scheme aimed at providing financial security to employees after retirement.

      Under the EPF scheme, both the employee and employer contribute a portion of the employee’s salary each month towards a retirement fund. Over time, these contributions accumulate and earn interest, providing a lump sum for the employee upon retirement, resignation, or in certain emergencies. EPF is a critical part of social security in India, ensuring that employees have a financial cushion for their future needs, including retirement, medical emergencies, or housing.

      Did You Know?
      The penalty for late EPF contributions is 12% per annum, and the interest on late ESI contributions is also 12%! Don’t let these costs catch you off guard.

      We can help you stay compliant and save big. Contact us now to find out how BIZPROUT can streamline your compliance and safeguard your business.

      BizproutX #EPF #ESI #Compliance #Bizprout #Payroll #BusinessSuccess #HR #HRhead #CHRO

      WhatsApp Image 2024-10-16 at 10.05.16 PM
      Roopesh S Naidu, Aswat Narayana Rao and 3 others
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