PF registration is mandatory if you have more than 20 employees. Connect with India's best professionals for PF Registration at Rs. 3999.
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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.
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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.
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
Here are some of the benefits of PF Registration:
The employer has to attach the following documents with the registration form:
Following are the EPF 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.
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:
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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.
PF registration has to be done with EPFO. The PF registration can be done online on the website.
For a salaried employee if the Basic and Dearness allowance is less than Rs. 15,000 per month then it is mandatory to get the EPF registration by the employer.
Employees that draw less than Rs. 15,000 per month need to get EPF registration mandatorily, and the employee drawing the Pay above the prescribed limit needs to get permission from the assistant PF commissioner to become a member.
PF registration is mandatory for all establishments with 20 or more persons, if the establishment has fewer than20 employees still a PF registration would be required. The employee can become eligible for PF right from the commencement of the employment and onus of deduction and PF payment is with the employer.
It requires 20-25 days to obtain PF registration in India.
Not every Private Limited Company is required to obtain PF registration.
If the employee does not want PF registration he can fill the Form 11 at the time of joining the job. The employee can also submit a letter addressing the employer stating that he wishes to opt out of the Provident Fund Scheme.
The PAN issued in the name of the business entity is to be used for PF registration.
No, with Filemydoc.com you can complete the whole procedure online, all you need to do to submit is the documents required.
The PF is directly related to the employee's pension. Apart from the employees contribution that is 12% towards the EPF, an equal amount is contributed by the employer, 8.33% from this goes towards the Employee Pension Scheme.
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