ESI PF Registration consultants in chennai
Main concept of Employees' Provident Fund Organisation
• Main objective of the EPFO is make the salary salatry to save money for the future and also it gives sign of relief about their retired life.
• The working class always prebudjet their earning but sometime unexpected trajedies happens in those time EPF is handy.
• Epf is one the best schemes introduced by the government to make the salary class to saving as a habit.
Apply refund for your Provindent Fund and it in one hour, only your Adhaar and mobile OTP is required to complete refund.
Employees' State Insurance Corporation registration consultants in chennai
Employees' State Insurance is a self-financing social security and health insurance scheme for Indian workers for their safety. The fund is managed by the Employees' State Insurance Corporation according to rules and regulations stipulated in the ESI Act 1948
There are around 151 ESI hospitals and 1570 dispensaries in india to take care of the working class, its important for any industry to register with ESIC for the health and safety of thier employees.
Advantages of ESIC
Besides protection against the medical expenses, the scheme provides and protects insured persons and his/her spouse for maternity benefits, hospitalization, surgery, unemployment benefits, disablement, injuries caused during the course of employment. Even in case of death of an insured employee.
EPF Withdrawal Eligibility
|Medical Emergency for member/spouse/parent/children||Any PF Member||Lesser one of employee’s share plus interest or 6 times of the monthly salary|
|Construction/Purchase of New House||Employee must have served min 5 years||90% of the PF Balance|
|Renovation of House||Can be withdrawn after 5 years from the construction of house||12 times of the employee’s monthly salary|
|Repayment of Home Loan||Employee must have served for min 3 years||90% of the PF Balance|
|Wedding of member/sibling/children||Employee must have served for min 7 years||50% of employee’s share plus interest|
For Medical Purposes-
An employee is allowed to withdraw employee’s share with interest or six times the monthly salary (whichever is lower) from the provident fund for the purpose of medical treatment
This EPF withdrawal is applicable for medical treatments of self, spouse, children, and parents
There is no lock-in period or minimum service period for this type of withdrawal
For Repaying Home Loan
For the purpose of repaying the outstanding home loan, the PF member is allowed to withdraw up to 90% of the corpus if the house is registered in his or her name or held jointly
However, to withdraw the amount, at least 3 years of complete service is required
At least 7 years of service must be completed in order to be eligible for the withdrawal
50% of the employee’s contribution with interest can be withdrawn
An employee can withdraw funds for his own, siblings or child’s marriage
For Renovating and Reconstructing a House-
The employee can withdraw funds from his EPF account for the purpose of renovation and reconstruction
The house should be held in his/her name or held jointly with the spouse
The employee must complete at least 5 years of total service
The member can withdraw 12 times his monthly salary from his Provident fund account
For Purchasing or constructing a New House-
A PF member can withdraw a partial amount from his employee provident fund for the purpose of purchasing a plot and/or constructing it
The property should be registered in his or her name or held jointly with the spouse
An employee should have completed a minimum of 5 years of total service
24 times of the monthly salary for purchasing a plot/36 times of the monthly salary for purchasing or constructing a house or the cost of the property or the total of employee’s and his employer’s share along with the interest amount (whichever is less) can be withdrawn
Withdrawal is allowed only after completing 5 years of service
Withdrawal for the purpose of purchasing a plot and constructing it can be done only once in the entire service tenure
A person can withdraw his or her entire provident fund corpus after completing 58 years of age
The employee is allowed to withdraw up to 90% of the provident fund balance
A person can withdraw 75% of his or her provident fund if he/she is unemployed for more than a month
For unemployment of more than 2 months, the remaining 25% of the corpus can be withdrawn