What is EPF Registration | How to do PF Registration | Benefits | Procedure - Enterslice

Before learning about EPF Registration, you must know what EPF is.


Employee Provident Fund (#EPF) is a scheme that extends retirement benefits to all salaried employees irrespective of working in Government or Public, or Private Sector organizations.


The companies or the entity having employee strength of twenty or more employees is required to get itself registered under the #EPFscheme. However, the organizations having less than twenty employees can also voluntarily apply for the #EPFRegistration. Moreover, the Co-operative Societies are required to have employee strength of fifty or more for obtaining EPF Registration. It shall be noteworthy to note that the companies are required to obtain EPF registration within one month from hiring twenty employees, or it may result in a penalty.


For EPF Registration, organizations are required to contribute a fixed amount towards Provident Fund out of employee salary. The fixed amount that the employer is required to make is 12% of the Basic salary plus DA and RA.



What are the Benefits of EPF Registration?
Risk Coverage
The most significant benefit annexed with the Provident Fund Registration is that it covers the risk of both employees, and their dependents.

Long-Term Goals
The amount saved in the PF account helps the employee in fulfilling his or her long-term goals like marriage or higher education or any other situation that needs the urgent availability of funds, as the amount available in the PF account often comes in handy during these situations.

EDLI Scheme
All the PF account holders are eligible under this scheme. This scheme requires a 0.5% deduction in salary.

Uniform Account
One of the major facets of a PF Account is that it is both continual and transferable. It means that the same account can easily be carried forward to any other place of employment.

Includes Pension
The employer is required to contribute some proportion (specifically 12% of the employee’s monthly salary) to the EPF fund together with the employee. Moreover, out of the total contribution made by the employer, 8.33 per cent is transferred to the EPS (Employee Pension Scheme).


EPF Registration Procedure


• An employee is required to visit online on the official EPFO portal, for the activation of Universal Account Number.
• Now, the said employee is required to fill all the details like the Universal Account Number, Member Id, PAN Card, Aadhaar Number, etc.
• After that, in the next step the employee is required to provide his or her asked details like the Name, Contact Number, Address, etc.
• For completing the form, the employee is required to correctly fill the CAPTCHA shown on the screen.
• After completing the application form, the said employee will then receive an OTP (One Time Password) on his registered mobile number with Universal Account Number.
• In the last step, the employee is asked to check the box saying “I Agree” and authenticate the OTP for the Universal Account Number activation.



Which are the Documents Required for EPF Registration?
The documents required for EPF Registration are-
• Name of the Employer
• PAN Card Details
• Aadhaar card
• PAN card
• Bank account details like the Account Number, and IFSC Code
• Other Documents



Entities Eligible to Obtain EPF Registration


• Any factory irrespective of the industry, having more than 20 employees during the previous financial year
• Any establishment which is employing more than 20 employees anytime during the previous financial year
• At any point of time, Central Government can ask an establishment to acquire EPF Registration irrespective of the total number of employees. The same is possible only after providing two months’ notice to that concerned establishment.


The Final Words


From drafting PF applications for employers to filing employee details, and expert legal consultation, Swarit Advisors is here to help you out with hassle-free EPF Registration.



For more details visit: https://enterslice.com/epf-registration



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