The following are the compliance requirements under PF:
1. Monthly PF Payment: Employers are required to make monthly contributions to the PF account of their employees. The contribution is made towards both the employee’s and employer’s share of the contribution.
2. PF Return Filing: Employers are required to file monthly returns with the Employees’ Provident Fund Organization (EPFO) providing details of the contribution made by them and their employees during the month.
3. PF Annual Return: An annual return must be filed by the employer providing details of the contributions made during the year and the number of employees who are members of the PF scheme.
4. PF Audit: Employers who have more than 100 employees are required to get their PF accounts audited by a Chartered Accountant every year.
5. PF Withdrawal: Employees who have left their job and have not worked for a continuous period of two months can apply for PF withdrawal. The employer is required to process the withdrawal application and pay out the PF amount within a specified time frame.
6. PF Transfer: Employees who switch jobs can transfer their PF balance from their old employer to the new employer. The transfer request can be made online through the EPFO portal.
It is important for employers to comply with these requirements to avoid penalties and legal action by the EPFO.
