PF is the popular term used for Employee Provident Fund. PF is the retirement saving scheme that is backed by the government on which all salaried employees get a fixed interest. The Employees Provident Fund Organization (EPFO) administers the employee provident fund, mandatory contribution by employers and employees.
Many people think they can handle their Provident Fund by themselves but they are unaware of the details and end up wasting a lot of money. If your payroll is below Rs.15001 then you must contribute to the provident fund. As per the government norms, the employees are given a compound interest for every year of service. The payroll process in India is not easy to understand but a PF consultant helps you out throughout to get your money with minimum deductions.
Many people have no prior knowledge regarding provident funds and their payroll process in India. So it is highly advised to hire provident fund consultants, often called PF consultants to withdraw the funds. This withdrawal of funds involves a hectic process, so it is highly recommended to hire PF consultants.
If you are a resident of Delhi or Delhi-NCR then you can contact PF consultants in Delhi to investigate the process. The PF consultants help you throughout the process and assist to modify the nominations through a process. The PF consultants in Delhi guide you with all the payroll process in India and will also guide for filling the form no. 13 that is required for withdrawal of the fund.
Following are some other reasons for why one should hire PF consultant:
Reduced costs: The ESI and EPF are paid by a part of the employee's salary. A good PF consultant ensures that a minimal amount is deducted by dividing the employee's salary into different parts. Thus saves a lot of money.
Monthly compliances: If you have been covered under the ESI/PF acts then you must have an idea that it becomes compulsory to fill monthly compliances in each account, deposit money, maintains documents and much more. The PF consultants in Delhi save your time and manage all these stuff easily on time.
Inspections: This is the most important reason for hiring a PF consultant. Under ESI/PF acts there are random inspections in the company. You require a consultant because an online portal or software that helps in file compliances will not help here. The PF consultants handle all these inspections smoothly and maintain a proper channel between you and the inspectors.
Reduction in costs: HR team ESI, EPF and payroll processing of the employees as they have an idea of payroll processes in India. The PF consultant handles all of these works of your HR team in a minimum amount and also saves a lot of time.
For getting more details on provident funds you can investigate the PF consultants and then hire them for the work. It is highly recommended to hire PF consultant because a person alone himself cannot handle the process.
Read Here: Benefits of Hiring a PF Consultant for your Organization