How long should records to be maintained for EPFO inspection in case of the closure of the organization? Will the last 8 years’ record be ok?
EPF&MP Act 1952 which has been repealed did not explicitly prescribe period of record retention by employer. In the SS Code under the New Labour Codes, there is a 5 year limitation prescribed for EPFO to conduct inquiry/inspection on matters of dues/applicability etc. Unlimited look back period in EPF has been removed.
Basis SS Code, it would be advisable to retain EPF records for 5 years at the minimum on permanent closure of the organization and complying with the procedure for surrender of EPF registration certificate.
CS Sharad Bhargava