PF Registration
| Market Price: | ₹10000 |
|---|---|
| AssamFilings Price: | ₹ 7000 |
| You Save: | ₹3000(30%) |
| Completion time*: | 7 Days |
Mandatory for companies with > 20 employees
About this item
- Drafting Documents
- Application Filing
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- Completion of registration
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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. Employees Provident Fund is done through LegalRaasta.
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.
For Employer
PF Registration is mandatory for all the establishments-
For Employee
Employees drawing less than Rs.15000 per month need to mandatorily become members of the EPF. According to the guidelines, employees whose basic pay is more than Rs. 15000 a month at the time of joining are not required to make any PF contributions.
But an employee who is drawing pay of more than Rs.15,000 can still be a member and make contributions with the employer and the Assistant PF commissioner.
The employer has to obtain the PF registration within 1 month of attaining the strength, in case of failure to abide by applicable penalties. A registered establishment continues under the purview of the Act even in case the No of employees falls below the required limit.
The employer has to contribute 12% of the (Basic Salary + Dearness Allowance + Retaining Allowance). An equal amount of contribution is to be made by the employee. If the establishment has engaged less than 20 employees the EPFO rules state that the contribution rate for both the employees and the employer is limited to 10 %. In most cases the employees who are employed in the private sector it is on the basic salary on which the whole contribution is calculated.
8.33% of the employer’s contribution is routed towards the Employees Pension Scheme that is calculated at Rs.15,000. The amount routed to the Employee Pension Scheme would be Rs.1250 in case the basic pay of the person is Rs.15,000. If the Basic Pay is less than Rs.15,000 then 8.33% of the amount will be routed and the balance will be retained in the EPF scheme. On superannuation, the employee would receive the full share with the employer's share reserved for credit in the EPF account.
The employer has to attach the following documents with the registration form:
- PAN of the Partner, Proprietor, or the Director
- Address proof (can be any utility bill but should not be older than 2 months)
- Aadhar card of Proprietor, Partner, or Director.
- Canceled Cheque Or Bank Statement
- Digital Signature of the Proprietor/ Partner or Director.
- Hired/ Rented or Leased Agreement If there is any.
Before paying the Salary to the employees the employer must deduct the employee's contribution from his wages. Later, the employee portion and the employer’s share will be payable to the EPFO within 15 days of the close of every month.
The EPF stands tall in terms of returns from a debt instrument. The money is sovereign backed and the interest earned is tax-free. The PF enjoys EEE ( exempt, exempt, exempt) status as contributions are deductible from the income. Hardly any debt instruments provide such high returns with safety and assurance. Hence, it is better to transfer the PF account at the time of switching jobs and also avoid the temptation to withdraw the money.