After investigation, the police has arrested the accused. According to the news, the company works in the paper and printing manufacturing sector. 1500-2000 employees are working in the company. Investigation has revealed that the owner of the factory has not deposited the PF of the employees for many years, while the PF was continuously being deducted from the salary of the employees. Explain that it is necessary for all the companies of the country to deduct the PF of the employees and deposit it in their account.
It is necessary to deposit money in pf account
The money of the provident fund i.e. PF is deducted from the company in which the private job holders work or the employer under whom they work. The company then deposits this money in your PF account. This money is deducted every month from the salary of the employees working in the company. Employees’ PF accounts are opened under the Employees’ Provident Fund Organization (EPFO). In this, both the company and the employee have to contribute. According to the rules of EPFO, every month 12-12% of the basic salary and DA will be deposited in the PF account on behalf of the employer and the employee. Out of the 12% share of the employer, 8.33% is deposited in the Employee Pension Scheme (EPS) and the remaining 3.67% goes to the PF account.
If the company does not deposit PF, complain here
The company is required to deduct PF money every month from the salary of its employees. If the company after deducting PF from the salary does not deposit it in the account of the employees, then you can complain. The employee will first have to lodge a complaint with the EPFO. EPFO will investigate the company after receiving the complaint. If the complaint is found correct in the investigation, then EPFO will take legal action against the company.
Source: navbharattimes.indiatimes.com
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