Employees Provident Fund (EPF) Registration

EMPLOYEES PROVIDENT FUND (EPF)

EPF is one of the main platform of savings in India for nearly all people working in Government, Private or Public sector organizations. It is implemented by the Employees Provident Fund Organization (EPFO) of India.

Companies which have employee strength of 20 or more are required to be registered with PF Department. The capacity of 20 includes contract employees like housekeeping, security or other contractual workers in the business. Those companies which do not have the endorsed number of employees but willing to register themselves to provide the advantages of Provident Fund to their employees can register voluntarily with the Regional Provident Fund Office. Registration has to be done within One month from the date of hiring 20 employees. Any delay may result in a penalty.

Documents Required for EPF Registration

  • Name of the company
  • Date of setup of the company
  • Scan copy of company’s PAN (Proprietor’s, in case of proprietorship concern)
  • Scan copy of Licences available in name of the company. (like Service Tax, VAT etc)
  • Scan copy cheque of company’s bank A/c
  • Address of the company with address proof
  • List of Directors/Partners
  • Address proof of Proprietor/Director/Partner
  • Email address, Mobile Number of Proprietor/Director/Partner
  • Copy of First Sale Bill/Job Work Bill and first Purchase Bill
  • Monthly strength of employees from Date of setup
  • Current List of employees with details:
    • Name
    • Father’s Name
    • Date of Joining
    • Date of Birth
    • Mobile Number
    • Postal Address
    • Grade (Unskilled, Semi, Skilled)
    • Salary
    • Designation
    • ID proof (Aadhar and PAN)
    • Bank A/c number with IFS Code
  • Digital Signature of Proprietor/Director/Partner

EPF REGISTRATION HIGHLIGHTS

The new budget has brought a lot of relief particularly for the employees pertaining to their salaries. This department earlier has several issues especially dealing with the amount of legal hassles as well as red tape made, making it almost impossible for employees to get into. The 2015 budget saw, many worries go away, in hopes that both the employer and their employees will greatly benefit from it. One of the main highlights include the optional factor to not make tax payments if the monthly income is lower than Rs. 30,000. This will also be applicable for senior citizens, which is quite sustainable since it would help to take care of their finances at their age. Senior citizens earlier had to pay an amount every month towards their Provident Fund leading to hassles of accessing it for legal complications did not make much sense. With the advent of the new budget, the Government in India has taken visible initiatives to reduce the burdens of the working class, as well as making things easier for all parties in the scene.

 

Another proposal that was presented was to allow employees to make a choice on how they would like to receive their salary. While the proposal still stands at a stage of development, and would require the opinions of the companies along with their stakeholders for opinion before making a final decision, if it does get to be stated it will be helpful for the employees. This is because, it would then allow them to choose between the Employee’s State Insurance Corporation (ESI) or the Health Insurance product that they choose. Also it would allowed the salaried to choose the option more suitable to their needs and make some important decisions in pertaining to their contributions in their salary besides the conventional and less accessible EPF contributions.

 

With such notable proposals being made the nation’s Government has made it easier for working for organizations and companies much more lucrative the youngsters who contribute to being one of the largest population any country has, of its kind. With such initiatives there will be lesser migrations to other countries as people will save more and have a peace of mind in their country. As of now i.e. October 2015, one needs to know the contributions that can be made towards EPFO.

 

We already know that employees have to pay 12% of their basic monthly wages towards EPF, but what about the employers?

This is payable for all establishments that have or are employing 20 or more people and are engaged in an industry listed under one of the 180 industries under Section 6 of Act, with 12% of the basic pay, Daily Allowance, food concession along with retaining allowance, if there are any, upto a maximum of Rs.15,000 each month. Some voluntary contributions that are higher are acceptable with a joint request from the employer and the employee. But, the rate of contribution has to be 10% for some categories of establishments that include:

An establishment that has been covered before September 22, 1997 in a case where less than 20 people are employed.

A sick industrial company based on the definition, provided in the Clause (0) of Sub-Section (1) of Section 3, which is a part of the sick industrial companies under the 1985 Act. They also need to be declared the same, by the Board for Industrial and Financial Reconstruction.

An establishment whose losses at the end of a financial year that has been accumulated, adds up to the entire net worth or exceeding it.

A company or organization involved in manufacturing Jute, Beedi, Bricks, Coir excluding the spinning sector) and Guar Gum Industries or factories.

8.33% from the employer’s share of Provident Fund contributions of the total salaries that is limited to Rs. 15,000 each month is sectioned and contributed towards the Employees’ Pension Fund in the A/C No. 10 that has been in effect since September 1, 2014. Also Central Government of India contributes 1.1 or 6% of total wages.
For this scheme no amount is taken from employee’s salary. However, the employer has to make a payment of 0.5% of the total wages amounting to a maximum of Rs. 15,000 every month since September 1, 2014. The maximum benefit can amount up to Rs. 3,60,000, under this scheme.

FREQUENTLY ASKED QUESTIONS

Any company which has 20 or more employees is required to be registered with the PF Department.
The entire procedure is 100% online and you don’t have to be present at our office or any other office for registration. A scanned copy of documents has to be sent via mail.
We will take 4-5 working days.

Anyone who claims to be an owner of a trademark can apply for trademark A 12% of the basic salary deposited in provident fund account is contributed by employers, whereas out of employee contribution of 12%; 3.67% is contributed to provident fund and 8.33% is submitted in Pension scheme.

Upfront Pricing, Simple Plans, & Superior Service

7499/Only Per/Year

Basic

  • EPF registration for businesses having less than 20 employees.
14999/Only Per/Year

Standerd

  • ESI & PF registration for businesses having less than 20 employees.
22999/Only Per/Year

Premium

  • ESI and PF registration for businesses having less than 50 employees