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The Employees Provident Fund (EPF) is a retirement savings scheme for the employees of the private and public sector in India. The EPFO account is maintained by the Employees' Provident Fund Organization (EPFO), which comes under the Ministry of Labour and Employment. Employees contribute a small percentage of their salary towards their EPFO account, and their employer also makes a matching contribution.
The EPFO account accumulates over the years, and employees can use it to make withdrawals for various purposes, including retirement, purchasing a house/flat, or medical expenses. Withdrawals from the EPFO are tax-free.
The EPFO offers several other benefits to employees, such as loans against the EPFO balance and insurance cover. The EPFO also manages several other schemes, such as the Pension Fund Scheme and the Employees' Deposit Linked Insurance Scheme.)
An Organization which has 20 or more employees are working in, then the employer is liable to take EPFO registration within a month from the date when the strength reach or exceeds 20. The Organization remains under the purview of the EPFO act, if the strength falls below 20 or less. If any organization has not taken the registration after having the eligibility to take the PF registration, then the commissioner of Central PF may take legal course of action as per the law and may also serve notice to take the registration to the organization.