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EPF Registration
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EPF Registration
The registration under the Employees Provident Fund Organisation (EPFO) is mandatory for establishments with 20 or more employees as per the Employees Provident Funds and Miscellaneous Provisions Act, 1952. This is to ensure that the employees receive social security benefits in the form of retirement savings and other benefits. The employer and employee both contribute a percentage of the basic salary towards the EPF account, which is managed by the EPFO. The contributions are invested in various financial instruments and earn a fixed rate of interest, which is announced by the government from time to time. The EPF scheme provides a safety net for employees in their retirement years or in case of any unforeseen circumstances. Therefore, PF registration is essential to ensure that employees are provided with social security benefits and to regulate the contributions made towards the EPF account.
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Documents/Details Required For EPF Registration
Pan Card of the employer
ID proof such as Aadhaar Card, Voter Card, Driving Licence, and Passport of the Authorized Signatory
Address Proof of the registered office with NOC/Rent Agreement
In case the Employer is a Company/LLP certificate of Incorporation, by laws are needed.
Partnership deed, id proof & address proof of every partner if the establishment is a partnership firm.
Details of Employees
What we offer
The Advantages Of Registering EPF
Retirement Savings
EPF registration provides a savings platform for employees to accumulate a corpus of funds for their retirement.
Social Security
The EPF scheme provides social security benefits to employees in the form of a pension, insurance, and other benefits.
Tax Benefits
Contributions made towards EPF accounts are eligible for tax deductions under Section 80C of the Income Tax Act, up to a specified limit.
Withdrawal Benefits
Employees can withdraw funds from their EPF accounts for various reasons such as marriage, medical emergencies, or to purchase a home.
Compulsory Registration
Organizations with 20 or more employees are mandated to register under the EPF scheme as per the guidelines of the EPFO.
Voluntary Registration
Organizations with less than 20 employees can choose to register voluntarily for the EPF scheme.
All Establishments
Any organization acknowledged according to the requirements of the act must register under the Employee Provident Fund scheme.
Frequently Ask Question
EPF registration refers to the process of registering an employer with the Employees' Provident Fund Organization (EPFO) for the purpose of providing benefits to employees under the Employees' Provident Fund (EPF) scheme. The EPF registration is mandatory for all establishments that employ 20 or more employees, and voluntary for establishments with fewer than 20 employees.
The EPF registration process for newly incorporated companies has been streamlined through the SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) Form. The SPICe+ form includes an option to apply for EPF registration along with other registrations such as GST, PAN, and TAN. However, for entities such as LLPs, proprietorship firms, and partnership firms, EPF registration can be obtained through the Shram Suvidha portal. The Shram Suvidha portal is an online platform that facilitates registration, filing, and compliance related to labour laws, including EPF.
Employers are required to obtain Provident Fund (PF) registration when they have 20 or more employees. This is mandated under the Employees Provident Funds and Miscellaneous Provisions Act, 1952. However, even if an employer has fewer than 20 employees, they may voluntarily register for PF if they wish to provide their employees with the benefits of the PF scheme, which includes retirement savings, life insurance, and disability insurance.
The Provident Fund (PF) contributions are made by both the employer and the employee. The employee contributes 12% of their basic salary and dearness allowance (if any) to their PF account. The employer also contributes 12% of the employee's basic salary and dearness allowance (if any) to the employee's PF account.
ESI refers to the Employee State Insurance scheme. This is a social security and health insurance program that provides medical and other benefits to employees and their dependents. The program is administered by the Employees' State Insurance Corporation, which is a government organization that manages the funds and operations of the scheme.
The benefits of ESI registration include medical benefits, sickness benefits, disability benefits, maternity benefits, and other benefits to employees and their dependents.
Failure to register for ESI can result in penalties, fines, and legal action against the employer. Additionally, the employer will not be able to avail of the benefits of the ESI scheme for their employees.
Yes, a business entity with less than 10 employees can voluntarily register for ESI if they meet certain eligibility criteria, such as having a power connection in their premises or using machinery for manufacturing purposes.
ESI is a premium paid for medical benefits. If no benefit is obtained from it, there is no option available to withdraw amount from ESI Account.