A Provident Fund is a savings scheme where both employers and employees contribute a portion of the salary each month, providing long-term financial security. The accumulated amount grows with interest and is returned to the employee at retirement.
At Team Management Services, we offer expert Provident Fund management and PF services, ensuring smooth contributions, compliance, and maximum benefits for your workforce. Whether you’re a startup or small business, we simplify Employee Provident Fund management, giving your employees the security they deserve while saving your time.
Retirement Security
Your Provident Fund acts as a reliable safety net, ensuring you have a steady source of income after retirement. With the growing cost of living, having this fund provides you peace of mind for your post-work life.
Earn More with Compound Interest
Watch your savings grow over time! With the power of compound interest, the corpus in your PF account will increase steadily, helping you build a larger nest egg by the time you retire.
Save More with Tax Benefits
Maximize your savings by taking advantage of tax deductions on contributions made to your PF. This gives you the opportunity to save money while securing your future – a win-win situation!
A Smart Long-Term Savings Strategy
The Provident Fund encourages disciplined, long-term savings. Over the years, you’ll accumulate a significant sum, setting yourself up for a financially comfortable retirement without last-minute scrambles.
Access Funds in Times of Need
In times of financial emergencies like medical bills or the need for a home, your PF balance can be easily accessed. It’s a convenient way to meet urgent financial needs without stress.
The Provident Fund (PF) is a mandatory retirement savings scheme in India, where both employer and employee contribute a portion of the salary to build a secure financial future. Over time, the fund grows with interest and is paid out upon retirement or under specific conditions.
For startups, small, and medium-sized businesses, managing Provident Fund contributions can be complex. At TMS, we offer expert PF services and Provident Fund management, ensuring compliance, timely contributions, and seamless processing for your business and employees. Let us handle the details, so you can focus on growth.
The PF system is one that operates on a very simple principle of contributions from both the employer and employees at regular intervals. This is how it does so:
Contribution: Employees deposit 12% of their basic salary in the PF account, and an equal contribution comes in from the employer. However, only 8.33% of the employer’s contribution goes towards the Employee Pension Scheme (EPS).
Interest Surplus: The amount contributed to the PF account will draw interest compounded year after year and will be declared by the government at the end of each financial year.
Withdrawal: On retirement or resignation or in certain circumstances in the event of buying a house etc. withdrawals can be made.
Tax Benefits: The contributions made towards PF account qualify for tax deductions under Section 80C of the Income Tax.
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Team Management Services is an expert in helping unravel the complexity of the Provident Fund system – our expert services ensure your PF contributions are managed efficiently, allowing you to get back on the field, concentrating on your core business operations. Rely on TMS for all your Provident Fund queries, thus securing a reasoned step into a stable financial commendation for your employees and off-risking the management of your Provident Fund
Any organization with 20 or more workers is required to register for PF. Employees earning a basic salary of up to ₹15,000 per month qualify.
Both employer and employee contribute to PF: employees 12% and employers also contribute 12% (of which 8.33% goes to EPS).
YES, one can withdraw their PF under certain conditions – Job change, Medical emergencies, & Home purchases.
PF accounts can be transferred to a new employer, with the continuity of retirement savings ensured.
No, tax is exempted on the interest earned on your PF account, making it all the merrier for long-term savings.
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