PF Registration - Biz Setup Global

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Must Know Facts about PF Registration

Employees’ Provident Fund (EPF) is a social security scheme that allows employees to save a small portion of their earnings for future benefits.

Every company is required to provide its employees with an EPF online, which is similar to a retirement fund. The Employees’ Provident Funds and Miscellaneous Provisions Act of 1952 governs online PF registration.

For organisations with more than 20 employees, the EPF registration process is required.

Companies can obtain employee PF registration in three simple steps:

Free consultation and form completion.
Contact a specialised affiliate for data validation.
PF online number receipt.

Benefits of EPF Registration

Pension Coverage

In addition to the employee’s contribution to EPF, the employer contributes an equal amount that includes Employee Pension Scheme (EPS). As a result, EPF Registration saves you a substantial pension.

Cover of Risk

In the event of an employee’s illness, death, or retirement, EPF registration online assists the employee’s dependents by covering the financial risks they face in such situations.

Single Account/one EPF Account

When changing jobs, the PF online account can be transferred. Using a Universal Account Number (UAN) linked to Aadhar will facilitate the linking of previous accounts. Instead of being closed down, it can be transferred to the new employer. This consistency ensures that the rate of return is compounded over time.

Emergency Fund

Emergencies are unavoidable at any point in life. The EPF amount can be extremely beneficial during mishaps, illnesses, weddings, and educational expenses. Employees may submit claims online.

Employee Deposit Linked Insurance Scheme

Anyone with a PF online account is eligible for this insurance scheme, which requires only a 0.5% salary deduction as a 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.

Checking the EPF balance

Members registered with the UAN portal can obtain information from the Employee Provident Fund Organisation (EPFO) by dialling 011-22901406 from their registered mobile number. Suppose a member’s UAN is linked to a bank account number, a PAN card, or an Aadhar number. The member can easily obtain the PF registration online application and previous contribution details in that case. Activated UAN members can find out their previous EPFO balance and PF contribution by sending an SMS from their registered mobile to 7738299899.

Step 1: Employees can visit the official EPFO website at UAN to activate their UAN online
Step 2: Fill up all the required fields, including UAN, Member ID, Aadhar number, PAN number, etc.
Step 3: Next, enter your information (name, address, and phone number) and complete the form by typing the captcha that appears on the screen.
Step 4: The employee will receive an OTP on his mobile device after filling up these credentials.
Step 5: Validate the OTP and activate the UAN.

Eligibility for Provident Fund Registration for Indian Employers

Employees’ Provident Fund (EPF) is the primary way for employees in India to save for retirement. The Employees’ Provident Fund Organisation (EPFO) manages it. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, sets out who can join:

For Employers

Provident Fund (PF) registration is mandatory for all businesses or organisations that employ 20 or more people.
If a business or organisation employs at most 20 people, it may still need to register for PF if specified by a central government notification.

For Employees

Employees who earn less than ₹15,000 per month must join the EPF and make regular contributions.
Employees who earn more than ₹15,000 per month at the time of joining are not required to make PF contributions. Yet, they can still opt to join the EPF and make contributions with the agreement of the employer and the Assistant PF Commissioner.

Details for PF Registration

Name & address of your company.
Head office & branch details.
Date of company incorporation.
Total employee strength.
Type of business activity.
Nature of business.
Director/partners’ details.
Employee’s Basic details.
Employees’ salary details.
Bank account details of the company.
PAN card.

Documents Required for PF Registration Online

Any business that wishes to apply for PF registration online needs to submit the following mandatory documents:

PAN card of establishment.
Certificate of incorporation.
Cross cancelled cheque of establishment.
Address proof that is in the name of the establishment. It can be:
Rent agreement
Water
Electricity
Telephone bill
Specimen signature of directors and authorised signatories.
DSC registration of the accepted applicant.
In the case of voluntary registration, the consent of the majority of employees.

In some entities, the underlying may also be needed:

First sale bill.
First purchase bill of raw material and machinery.
GST registration certificate.
Bankers details.
Record of a monthly employee strength.
Register of salary and wages.

You need to collect the mandatory documents and send us a copy of each document. We cover everything from filing the form to verification processes and legal formalities!

EPF Registration Online Process for Employers

Collect relevant employee data and documents.
Establishment Registered with EPFO Online Registration.
Register the DSC (digital signature certificate) of the employer.
Fill out the application with all employer details.
Submit verified form.
Get a PF registration certificate & Universal Account Number [UAN].

Our experts will be your advisors and consultants for EPF registration online and help get the PF number in 5 to 10 business days (not factoring in processing time). On the very first consultation, free of charge, you will get the gist of our PF registration process.

When we work on your behalf, we ensure that the PF registration application is submitted to the organisation in the prescribed format without errors. We pledge easy work at the most economical prices.

The EPFO members can keep a tab of their UAN status using online methods. All you need to do is to provide the EPF number and select your state. You will automatically get the UAN status.

All the individuals will have to activate their UAN if they need access to all the direct/online facilities given by the Employee Provident Fund.

Mandatory Compliances - PF Registration

Once the establishment has registered with EPFO, it must follow specific lawful requirements monthly or annually.

Monthly returns are submitted electronically by uploading the ECR sheet using the establishment login.

Online returns are submitted by the 15th of the following month

Every employee registered with the establishment during the month for which the return is filed listed by name and UAN on the ECR sheet, which is available for download through EPFO in an XML format

A file must be created from an XML sheet before it can be uploaded for return filing

By adding online payment gateways, finish filling out the return.

Contribution Rate - EPF Registration

The rate of contribution is the amount of contribution that varies according to how many employees are working in the establishment:

For establishments employing personnel aged 20 or over

A maximum of 12% of the employee’s salary (basic wages plus overtime pay) may be contributed by both the employer and the employee of such an establishment.

For establishments hiring less than 20 workers

These establishments shall contribute at the rate of 10% of the employee’s basic salary, up to a maximum of 12%.
A business with up to 10 employees that registers voluntarily with EPFO.
Any business that lost money the previous year.
Other businesses, including a brick factory, a jute plant, a beedi factory, etc.

How Much Penalty Is Prescribed for the Employer’s Delay?

Period of Delay

Rate of Penalty Imposed (p.a.)

Up to 2 months.

5 per cent

2 to 4 months

10 per cent

4 to 6 months

15 per cent

Beyond 6 months

Investment

EPF Charges

The employee share, pension contribution, and EDLI contribution are rounded to the nearest rupee for each employee.
The employer share is the sum of the employee share and the pension contribution.
The minimum monthly contribution for the EPF administration costs is ₹500, which is rounded up.
The institution shall be subject to a minimum administrative fee of ₹75 if there are no members throughout the month.
A minimum payment of ₹200 is required under the EDLI administrative charges, and the monthly payment amount is rounded to the next rupee.
If the establishment doesn’t have a member during the month, a minimum administrative fee of ₹25 is due.
If the establishment is exempt from the PF system, the admin fees would be replaced by inspection fees of 0.18% (minimum ₹5)
if the establishment qualifies for the EDLI plan exemption. Administrative fees can be replaced by inspection fees, which must be at least ₹1 @ 0.005%.

Due Date for PF Filing

Before paying the employees’ salaries, the employer must deduct the employee’s contribution. The EPFO will, after that, receive both the employer share and the employee half within 15 days of the end of each month.

The PF Registration is exceptional in terms of returns from a debt instrument. A sovereign guarantees the currency, and the interest is tax-free. The PF has EEE (exempt, exempt, exempt) status since contributions are tax-deductible from income.

Debt securities with such large yields and solid safety and reliability are uncommon. Hence, it is best to relocate the PF account while changing jobs to lessen the temptation to withdraw money.

Important Points of Provident Fund (PF) Registration

When it comes to PF registration, the following three aspects have to be followed for sure:

Compulsory Registration

If an establishment has 20 or more employees, it must register with the PF department within 30 days of that milestone. This amount is independent of salary.

Voluntary Registration

With the employee's permission, the employer can also look into optional coverage for its business so that its staff members can take advantage of the provident fund.

ESIC with PF Registration

ESIC registration is also necessary because it must be obtained when the number of employees reaches 10, whereas PF registration is only necessary when the number of employees reaches 20.