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EPF Registration
Employee Provident Fund is a scheme under Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and is regulated by EPFO. It acts as a savings platform for the sake of social security for all the people working in Government, Private or Public Sector organisations. Employers need to register themselves under EPF for contributing their and employees’ share of Provident Fund to the Employees’ Provident Fund Account.
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Provisions of PF
Registration Requirement
All the establishments who employ 20 or more people are mandatorily required to get themselves registered with the PF Department.
Voluntary Registration
The registration may also be obtained voluntarily by any establishment who doesn’t meet the aforementioned criteria but is willing to provide the advantages of Provident Fund to its employees.
Saving of Employees
It helps the employees to secure a percentage of their earnings as savings for the future to be used when in hard times.
Benefits to Employees
It provides various other benefits to the employees such as Insurance Benefits, Death Benefits, Pension Benefits, and Death Benefits.
Contribution to Scheme
12% of the Basic Salary plus Dearness Allowance plus Retaining Allowance needs to be contributed each by the Employee and Employer. Out of employees’ contribution, 3.67% is contributed to Provident Fund and 8.33% is contributed to the Pension Scheme.
Due date of deposit
Provident Fund (PF) payments are due on the 15th of each month.
Who should get this registration?
All the establishments who employ 20 or more people are mandatorily required to get themselves registered with the PF Department. 20 employees here include contract employees like housekeeping, security or other contractual workers in the business. The registration may also be obtained voluntarily by any establishment who doesn’t meet the aforementioned criteria but is willing to provide the advantages of Provident Fund to its employees.
Why should you get this registration?
There isn’t actually an EPF registration process in India. Employees typically get enrolled in the Employees’ Provident Fund (EPF) program automatically when they start a new job where they meet the eligibility criteria. However, there are significant benefits to having an EPF account, both for you as the employee and for your employer (if applicable). Here’s why EPF is important:
Benefits for Employees:
- Retirement Savings: EPF works like a long-term investment towards your retirement. A portion of your salary is deposited into the account each month, along with a contribution from your employer (in most cases). This builds a substantial corpus over time.
- Tax Benefits: Contributions to EPF are tax-deductible, lowering your taxable income. Additionally, interest earned on the EPF balance is tax-free upon withdrawal.
- Financial Security: EPF provides a safety net in case of emergencies, illness, disability, or unemployment. Partial withdrawals are allowed under certain circumstances.
- Easy Portability: Your EPF account is portable, meaning you can transfer your accumulated funds seamlessly when you change jobs.
- Pension Benefits: EPF is linked to the Employee Pension Scheme (EPS), which provides a monthly pension after retirement.
Benefits for Employers (if applicable):
- Employee Retention: Offering EPF as a benefit can make your company more attractive to potential employees.
- Tax Benefits: Employers’ contributions to EPF are also tax-deductible.
- Compliance: EPF registration ensures compliance with labor laws.
Overall, having an EPF account is a great way to save for your future and gain financial security.
Process of EPF Registration
The Ministry of Labour & Employment has developed a unified Web Portal ‘Shram Suvidha’ portal for registration under Employees’ State Insurance Act (ESI) ACT-1948. User is required to register himself on the same.
After Employer Registration, DSC Registration is required for submitting a fresh application for EPF Registration.
The application needs to be filled where all the basic details are required to be entered such as Name of Entity and PAN etc.
After filling the application, final submission is made on the portal. Thereafter, registration certificate is issued by the department.
Documents/ Details required for EPF Registration
Proprietor/Partner/Director
PAN Card & Aadhaar Card
Document for the entity
PAN Card of the Firm/Company/Society
Cancelled cheque
Cancelled Cheque bearing the name of company and account number
Address Proof
Address Proof of the Premises
Business Registration Documents
Business Registration Documents (Company – Certificate of incorporation; Proprietorship – Certificate of Registration; Partnership Firm – Partnership Deed)
List of Employees
List of employees working in the entity with their name, date of joining, salary etc.
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- Obtaining PF Registration
- Assistance in PF Payment
- Computation of PF
- Payroll Management
- Filing of PF Returns