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EPF Registration


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Concept of PF

The Employee Provident Fund is a perk given by the employer to their employees over and above their basic remuneration.

What is Employees Provident Fund (EPF)

PF is one of the primary platform of savings for working class in India. An Establishment or business is mandatorily required to obtain EIN No. if total employee strength is 20 or more. The total strength of employee Includes contractors or temporary employees like housekeeping staff, daily wage worker security or other temporary workers in the business. Even if a company has employee strength less than 20 then too company can apply EIN. Provident fund Registration certificate should obtain within 30 days from the date of completing 20 employees.

Eligibility for Employees Provident Fund

At the time of joining an employee in the employment and getting wages up to Rs. 15,000/- is required to become a member.

In this act, Wages implies and includes Basic + Dearness Allowances, Cash value of food concession and retaining allowances, if any.

MEANING OF EMPLOYEES AS PER PF ACT.

1. Full-time employees

2. Part-Time Employees

3. Employees Working at Home

4. Contract Employees

5. Full-time Consultants

What is the rate of PF Contribution?

  • 12% of Basic Salary of Employee deposited directly towards EPF
  • 12% of Employer contribution is divided as –
  • 8.33% of contribution towards Employees’ Pension Scheme
  • 3.67% of contribution towards Employees’ Provident Fund
  • 1.1% of contribution towards EPF Administration Charges ( After 01/04/2017 0.65% )
  • 0.5% of contribution towards Employees’ Deposit Linked Insurance ( minimum RS. 500/-)
  • 0.01% of contribution towards EDLI Administration Charges ( After01/04/2017 RS. 0/-)

EPF PAYMENT DEADLINE

Deposition of EPFcontributions due date is 15th of every month

What are the different Provident Fund forms?

  • EPF Form 11
  • EPF Form 19, 10C, 31(New)
  • EPF Form 19
  • EPF Form 13 Transfer Form
  • EPF Form 31 Advance From the Fund
  • EPF Form 20,10-D,5IF(NEW)
  • EPF Form-10C

What is the due date of PF Returns?

Every establishment register under PF requires the filing of monthly returns on 25th of every month and annual return before 30th April.

What is Universal Account Number?

Every employee who is contributing to EPF is allotted a 12-digit UAN which allows portability of PF accounts from one employer to another.

What is the rate of Monthly Deduction for PF account?

12% of Basic Salary + DA shall be deducted on monthly basis of the employee as his contribution towards the Employee Provident Fund.

WHAT ARE THE BENEFITS OF PF REGISTRATION?

  • Risk coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
  • Uniform account: One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.
  • Employee Deposit Linked Insurance Scheme: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
  • Long-term goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
  • Emergency needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.
  • Covers pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).

Documents Required For EPF Registration

PAN Card copy of firm/company/society/trust

Partnership deed (In case of partnership)

Cancelled cheque (bearing pre-printed company / firm name & Current Account No)

Certificate of Registration (In case of Proprietorship/ Partnership/ Company / LLP)

Certificate of incorporation (In case of company/ society, trust/ NGO)

Copy of PAN Card of Directors / Partner

Copy of Aadhaar Card/ Voter identity card of Director