A provident fund is a government-mandated savings scheme designed to help employees save for retirement.
The administrative charge payable by an employer under the Employees' Provident Funds Scheme is calculated as 0.50% of the total pay on which contributions are payable. However, there is a minimum charge of:
Rs. 75 per month for establishments with no contributory members (non-functional establishments).
Rs. 500 per month for other establishments.
This charge replaces the earlier rates and is applicable to all employers covered under the EPF Scheme.
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