RETGISTER NOW- EMPLPOYEE FUND PROVIDENT (EPF)

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RETGISTER NOW- EMPLPOYEE FUND PROVIDENT (EPF) 

Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF is normally like a benefit to an employee during the retirement provided by the organization.

Eligibility for employers to register under EPF Scheme:

  1. EPF registration is mandatory for all establishments-
  • which is a factory engaged in any industry having 20 or more persons, and
  • To any other establishment employing 20 or more persons or class of such establishments which the Central Government may, by notification specify in this behalf.
  1. Central Government may apply any establishment employing less than 20 employees after giving not less than two months’ notice for compulsory registration.
  2. Where the employer and majority of employees have agreed that the provisions of this act should be made applicable to the establishment, they may themselves apply to the Central PF Commissioner.

Amount of deduction:

The PF contribution of 12% should be divided equally between the employer and employee. The employer’s contribution is 12% of basic wages (+) dearness allowance (+) retaining allowance. If the establishment has employed less than 20 employees, PF deduction rate will be 10%. 

Step by Step process of EPF registration:

  1. Register the organization with EPFO
  2. Visit “https://unifiedportal-emp.epfindia.gov.in/”. Click on “Employer Sign In”.

  1. If you are a new employer, click on the option below “New Employer Registration OLRE.”

  1. On completion of the above step, you will get an “Instruction Manual”. Download the manual and go through it. Then tick the box and click on “Register”.              
  2. After completion of the above step, following screen will appear. Fill in the necessary details.                                                                                                                                       
  3. Enter the generated PIN (sent via email or SMS) and tick the declaration.  An e-mail link will be sent simultaneously to the given email-id, which is to be activated to enable the submission of Application for Online Registration of Establishment.                                                   

This completes the PF online registration process.

Documents required for EPF registration:

  1. Proprietor Firm
  • Applicant’s Name.
  • PAN Card.
  • Id proof – Driving license/Passport/Voter Card.
  • Address proof for the premises.
  • residential address proof
  • Telephone number
  1. Society or Trust
  • Certificate of incorporation
  • MOA and Bye-Laws
  • Pan card number
  • President & members Address ID Proof
  1. Partnership Firms
  • Certificate of Registration Firms
  • Partnership deed
  • Id proof of partners – Driving license/Passport/Voter Card
  • List of all partners with Address ID Proof
  1. LLP or Company
  • Incorporation Certificate
  • ID proof of Directors
  • DSC of Director
  • List of all directors with Address ID Proof
  • Memorandum of Association (MOA) and Article of Association (AOA)
  1. Employees
  • Name, Father’s Name, Date of joining
  • Date of birth, Mobile number, Postal address
  • Name of nominee, Grade, Salary
  • Designation, ID proof (Aadhaar Card/ PAN Card), Bank A/c number with IFSC code
  • Voluntary application, employee details, Signature, date of agreement
  1. For all other entities
  • First sale bill.
  • First purchase bill of raw material and machinery.
  • GST Registration Certificate, if registered
  • Bankers details- name, address, branch, IFSC code
  • Record of a monthly strength of the number of employees.
  • Register of salary and wages, all vouchers, all balance sheets from day one to current date of provisional coverage.
  • Salary and PF Statement.
  • Cross canceled cheque.

 

There is hardly any debt product that gives such high return with safety and assurance. Therefore, it’s better to transfer the PF account at the time of switching jobs and avoid the temptation to withdraw the amount.

 

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