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About Provident Fund

About Provident Fund

Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization. EPF registration is mandatory for organizations with total employee strength more than 20. It is created with the purpose to provide financial security and stability to employees.

ADVANTAGES

Tax benefits

The interest earned on the Provident fund savings are tax-free and the contributions to the fund are deductible from salary.

Risk Cover

In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.

Savings

It aids savings for employees by maintaining a regular fund contribution from both employer and employees.

Coverage of Pension

Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.

Safety

The PF amount is safe and secure from any market variations and employees are assured a return on their principal amount.

Extended Goals

The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.

Eligibility of EPF Registration for Employers

To be eligible for PF Registration, an organization has to fulfill the following criteria:

  • For every factory engaged in industry employing 20 or more employees
  • For every other establishment having 20 or more employees during previous year. Here, the Central Government defines the class of such firms.
  • For every employee who is getting less than INR 15000/- per month.
  • An establishment that has less than 20 workers and has been notified of compulsory registration for not less than 2 months.
  • The employer and the employees of an establishment must mutually agree to apply for PF to the Central PF Commissioner. A notification has to be sent to the Official Gazette from the date of the agreement.

Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employer’s.

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Documents Required for PF Registration

Documents Required for PF Registration

  • Copy of PAN/ COI.
  • Address Proof of the Premises.
  • Identity and address Proof of the Directors/Partners/Proprietor.
  • Details of the resident and all members with address and contact details in case of society/Trust.
  • Partnership Deed/LLP Agreement/MOA & AOA.
  • Details of employees, details of nominees, details of salary.
  • Cancelled Bank Account cheque.

For Individual Identity proof:

  • Passport; or
  • Aadhar card; or
  • Voter ID; or
  • Driving license

For Individual address proof:

  • Self-attested copy of Telephone/Mobile or Electricity bill; or
  • Bank Account Statement (Less than 2 months old)

For Proprietorship/Partnership/LLP/ Company Address proof:

  • Telephone/Mobile/Electricity/Gas bill (Less than 2 months old); AND
  • In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business;
  • In the case of self-owned premises registered title document.

PROCESS

STEP-1 : EMPLOYER’S REGISTRATION

Registration under EPFO portal starts with registering an organization under Employer’s registration service. Go to EPFO official website https://epfindia.gov.in.

STEP-2 : REGISTER DSC

The employers who are already registered can login with their credentials i.e. with the Universal Account Number [UAN] and password. This instruction manual will explain the process of Employer Registration which is to be followed by registration of

STEP-3 : ESTABLISHMENT REGISTRATION

Complete the registration by completing the details of establishment in an application and submit the application. After Establishment registration, login by clicking Establishment Login for further compliances.

STEP-4 : REGISTRATION CERTIFICATE

Get PF registration certificate & Universal Account Number [UAN]

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We at NGO WORLDS Working an extensive Network and connections in the corporate world

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