The EPF scheme goal is to promote savings that can be used post-retirement by various employees in India. It is a collection of funds contributed by both, the employer and his employee, on a regular monthly basis.
Before applying in PF/EPF scheme, one should check if it is fulfilling the eligibility criteria of the Employees Provident Fund (EPF) scheme. Following details describe the eligibility criteria of the Employees Provident Fund (EPF) scheme:
Every organisation with 20 or more employees is mandatorily required to be registered under the EPF.
Every salaried employee, earning less than Rs.15000 per month is mandatorily required to be registered under the scheme.
Organisations with fewer than 20 employees may also voluntarily register for the scheme.
If an employee is earning more than Rs.15000 per month, then he can voluntarily register himself under the scheme, with the consent of his employer and the Assistant PF Commissioner.
Contribution towards EPF can be made up to the age of 58 years, while the upper age limit to hand over the pension is 60 years.