Overview:
- Employees Provident Fund is a scheme for the Indian Employees that is controlled by the Provident Funds and Miscellaneous Provisions Act,1952. The Employee Provident Fund is regulated under the umbrella of Employees Provident Fund Organization popularly known as EPFO.
- All establishments that have employed 20 or more than 20 employees can apply for PF registration in India. In some cases subject to the circumstances and the exemption establishments employing less than 20 are still eligible for PF registration. The Employee gets an amount that includes the self and employer’s contribution with interest on retirement or resignation.
- The employer has to obtain the PF registration within 1 month of attaining the strength, in case of failure to abide by applicable penalties.
- The employer has to contribute 12% of the (Basic Salary + Dearness Allowance + Retaining Allowance). An equal amount of contribution is to be made by the employee.
Requisites:
All establishments that have employed 20 or more than 20 employees can apply for PF registration in India. In some cases subject to the circumstances and the exemption establishments employing less than 20 are still eligible for PF registration.
Procedure:
- Go to epfindia.gov.in and click establishment registration and sign up.
- Click registration for EPFO – ESIC button and select apply for new registration. Click the act i.e. employees provident fund and miscellaneous provision act, 1952 and click submit.
- Registration form for EPFO will open, fill the form and attach the required documents.
- The employer will also receive an email from the Unified Shram Suvidha platform.
Documents required:
- PAN of the Partner, Proprietor, or the Director
- Address proof (can be any utility bill but should not be older than 2 months)
- Aadhar card of Proprietor, Partner, or Director.
- Registration certificate
- License proof
- Canceled Cheque Or Bank Statement
- Digital Signature of the Proprietor/ Partner or Director.
- Hired/ Rented or Leased Agreement If there is any.
Benefits:
- EPF Registration offers tax benefits
- Hassle – free pension for post retirement
- Fund for crises management
- Easy Tranferability
- Cater urgent requirement