5 Questions
What is the minimum number of employees required for an employer to be mandated to have EPF accounts for their employees?
20 employees
What percentage of an employee's basic and dearness allowance must be contributed to EPF every month?
12%
What percentage of the employee's total contribution goes towards EPF?
12%
What is the purpose of the Universal Account Number (UAN) in relation to EPF?
To transfer EPF corpus from one organization to another
Who manages and guarantees the return on the EPF contributions?
Government of India
Study Notes
EPF Requirements
- A minimum of 20 employees is required for an employer to be mandated to have EPF accounts for their employees.
EPF Contributions
- 12% of an employee's basic and dearness allowance must be contributed to EPF every month.
EPF Contribution Allocation
- 8.33% of the employee's total contribution goes towards EPF Pension Scheme.
- 3.67% of the employee's total contribution goes towards EPF.
Universal Account Number (UAN)
- The UAN is a unique 12-digit number assigned to each EPF member to track their EPF accounts across different employers.
EPF Management and Guarantee
- The Employees' Provident Fund Organisation (EPFO) manages and guarantees the return on the EPF contributions.
Test your knowledge about EPF (Employees' Provident Fund) with this quiz. Learn about the retirement savings fund established under The Employees' Provident Funds Act 1952, which employers and workers contribute to, and is managed by the Employees' Provident Fund Organisation (EPFO). Find out about the requirements for employers to have EPF accounts for their employees.
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