Provident Fund (PF) SERVICES

Team Management Services (TMS) can help you with Provident Fund (PF)

The Provident Fund (PF) operates as a state-compelled retirement savings organization in India to provide financial security for those on the payroll. Under this system, both employer and employee contribute a certain percentage of the employee’s salary towards the PF account. Over the years, the fund gets accumulated and gets paid out in the form of a certain amount upon retirement or under certain circumstances while ensuring a settled income after retirement. 

How DOES Provident Fund (PF) WORKS

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. 

Benefits of the Provident Fund (PF)

  • Financial Security: The PF acts as a cushion for employees, who get this fund for sustenance after retirement.
  • Interest Earning: This fund increases with the compound interest accumulated on the corpus amount till the normal retirement of the employee.
  • Tax Benefits: Tax deduction on contributions made towards the PF helps save some money for the employees.
  • Long-Term Saving: PF promotes systemic savings, allowing employees to build a handsome corpus over their working lifetime.
  • Easy withdrawal: Employees may use employment funds for housing and medical emergencies. 

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Features of Provident Fund (PF)

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Global Presence

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We have global presence & we are serving clients from more than 20+ Countries.

We have created a reputation for delivering 100% Statutory Compliance.

We are leading HR Service Provider employing over 10000+ Employees.

Testimonials
“As a small business, we don’t have the resources to handle all the HR tasks that come with hiring and managing employees. Partnering with an TMS has allowed us to focus on growing our business while still being able to retaining the top talent.”
Kevin
SDCM
“We have been using TMS’s EOR/ PEO Service for several years now and it has been a game-changer for our business. It has allowed us to bring on talented contractors and freelancers without having to worry about the administrative burden of HR tasks. The process is seamless and our contractors feel supported and valued.”
Amaresh
Kushmanda Tech

“We used TMS EOR to enter multiple countries in Europe without having to go through the hassle of registering a company in each of the countries. TMS EOR helped us Hire & Manage employees in multiple European countries with minimal hassles.”

Kaustubh

BEID Healthcare

Secure Your Future Today: Trust TMS for Seamless
Provident Fund Services!

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

FAQs

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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