The benefits of PF registration for employees are:
1. Retirement benefits: PF registration allows employees to save a portion of their salary for their retirement. The accumulated amount in their PF account along with the interest earned on it will be paid out to them upon retirement or after leaving the organization.
2. Tax benefits: Both employers and employees are eligible for tax benefits through PF registration. The employer can claim a deduction on the contributions made towards the employee’s PF account, while the employee can claim a tax deduction under section 80C of the Income Tax Act, 1961.
3. Loan facility: Employees can avail of a loan against their PF balance to meet their financial needs.
4. Financial security: PF registration provides financial security to employees and their families in case of unforeseen circumstances such as disability or death.
5. Ease of withdrawal: PF registration allows employees to easily withdraw their PF balance in case they need the funds for any emergency or financial requirement.
6. Social security: PF registration also provides social security benefits to employees, ensuring their well-being and welfare beyond just their employment tenure.
