Overview

Employees Provident Fund is a scheme for the Indian Employees that is controlled by the Provident Funds and Miscellaneous Provisions Act,1952. The Employee Provident Fund is regulated under the umbrella of Employees Provident Fund Organization popularly known as EPFO.

All establishments that have employed 20 or more than 20 employees can apply for PF registration in India. In some cases subject to the circumstances and the exemption establishments employing less than 20 are still eligible for PF registration. The Employee gets an amount that includes the self and employer's contribution with interest on retirement or resignation.

Get Started for Online PF Registration

Checklist for PF Registration

For Employer:
PF Registration is mandatory for all the establishments:
1. That has engaged 20 or more than 20 people.
2. For any other establishment that has less than 20 people then the central government has to specify the same in the notification on the behalf.

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 amount for the contribution of PF:
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.

The breakup of the PF contribution:
The 12 % contribution is divided into the following subdivision
3.67% of the contribution towards the Employees Provident Fund
1.1% of the contribution towards the EPF administration Charges
0.5% of the contribution towards the employee's deposit linked insurance
0.01% contribution towards the EDLI administration charges
8.33% towards the Employees Pension Scheme

Benefits of Registering PF

Here are some of the benefits of PF Registration:

• Pension Coverage
  Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
• Cover of Risk
  In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
• Single Account/one EPF Account
  The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
• Emergency Fund
  Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can make claims online.
• Employee Deposit Linked Insurance Scheme
  Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.
• Extended Goals
  The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.

Documents Required for PF Registration

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.
• Cancelled Cheque Or Bank Statement.
• Digital Signature of the Proprietor/ Partner or Director.
• Hired/ Rented or Leased Agreement If there is any.

Charges & Due date of PF

Following are the EPF charges:

• The contribution is rounded to the nearest rupee for each of the employees for the employee share, the contribution towards pension, and the EDLI contribution.
• The employer share is the difference between the employee Share and the pension contribution.
• The monthly payment amount towards the EPF administrative charges is rounded to the nearest rupee and a minimum of Rs.500 is payable.
• In case the establishment has no member in the month the minimum administrative charges applicable will be Rs.75.
• The monthly payment amount under the EDLI administrative charges is rounded to the nearest rupee and a minimum of Rs.200 is payable.
• In case the establishment has no member in the month, the payable minimum administrative charge is Rs.25.
• Suppose the establishment is exempted from the PF scheme inspection charges of 0.18% ( Minimum Rs 5 ) is payable in place of the admin charges.
• In case the establishment is exempted under the EDLI scheme. The inspection charges of minimum Rs.1 @0.005% are payable in place of the administrative charges.

Due dates of PF:
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.

How to get started for PF Registration

At Filemydoc.com, Our expert will be your advisors and consultants for PF online registration and help get the PF. Stated below are the process included in PF Registration:

• Collect relevant employee data and documents.
• Establishment Registered with EPFO.
• Register DSC (Digital Signature Certificate) of the Employer.
• Fill application with all employer details.
• Submit verified form.
• Get PF registration certificate & Universal Account Number [UAN].

Why Filemydoc.com for PF Registration

Some of the best reasons to choose us are:
1. 3 Working Days: Just share your details asked by our experts and we will do the rest for your PF Registration.
2. Customer Score: We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
3. Strong Legal Team: Our team of experienced legal and business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.

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