PF and Gratuity are two schemes designed to benefit the employees of the private sector.
In PF a small portion of the employees salary is deducted and deposited with the government PF office and at the time of retirement it is paid as a lump sum to help the employee lead his life peacefully in spite of retirement and loss of monthly income.
Gratuity is a scheme to motivate people to serve for longer durations with the same employer. Anybody who has served an organization for more than 5 years is eligible for Gratuity. A portion of your last drawn salary would be multiplied with the number of years of service and paid out to you when you leave an organization after years of service.
Central Provident Fund was created in 1955.
There is no such thing as an Unrecognized provident fund. The rate of interest on provident fund in India is 8.6% per year
VPF
None. The Indian government does not allow FID in provident fund
Yes. The Employers signature/attestation is required to get the provident fund
No
Provident Fund
1952
Yes, the interest paid by provident fund will fall into riba category
how many staff should e in a company to start provident fund
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
If the money was withdrawn before completing 5 full years, it is taxable otherwise it is not. It may have been a mistake. Raise a grievance with EPF Office and get it sorted out