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Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits.
Every company has to offer its employees an EPF online or Employees Provident Fund which is akin to a retirement fund. Provident fund registration online comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration process is mandatory for organizations with total employee strength more than 20. Such employers can opt for online PF registration from HSRAdvisory. Companies can register for employee provident fund, in 3 easy steps:
According to section 2(f) of the Employees Provident Funds & Miscellaneous Provisions Act, 1952, a person who performs any task with the intention of obtaining compensation is considered an employee. This would also apply to everyone who is regarded as a worker and receives compensation, either directly or indirectly.
Below is a list of those who are regarded as employees:
To be eligible for PF Registration, an organisation has to fulfil the following criteria:
Companies with less than 20 employees (Note: Such companies must issue a notice to the Employees’ Provident Fund Organization in 2 months or less than that)
The employer and the employees of an establishment must mutually agree to apply for PF to the Central PF Commissioner. A notification has to be sent to the Official Gazette from the date of the agreement.
Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is the employer’s.
Any business that wishes to apply for PF needs to submit the following mandatory documents:
In some entities the underlying may also be needed:
You just need to collect the mandatory documents and send a copy of each document to us. The rest will be handled by the efficient team at HSRAdvisory. From filing the form to verification processes and legal formalities, we handle it all!
The organisation updates the KYC documents of its personnel once it has registered in the EPFO portal by creating a Universal Account Number (UAN). Each employee’s UAN number can be used to transfer PF money electronically to a bank account, claim PF benefits, and other things. The following process must be used to activate UAN as the only mandatory step for an employee to take:
The Provident Fund can be a great support, safety and assurance for employees as it offers a sense of financial security to the employees. It is regulated by the Employees’ Provident Fund Organization (EPFO), which is also one of the most well known and biggest Social Security Organisation in India. They handle huge amounts of financial transactions on a daily basis. The process of applying for the provident fund is also not a difficult task as long as you have a professional to help you sort things out.
At HSRAdvisory, we guarantee that you do not have to go through the legal complexities of registering for PF online. Once we get the required information and the documents, our experts fill the forms accurately and submit them on time. Our team takes the responsibility of follow-ups and delivers you the PF number at the earliest time as possible.
The purpose of India’s PF, or Provident Fund, savings programme is to give workers financial security after they retire or quit their jobs. The programme is administered by the Workers’ Provident Fund Organisation (EPFO), a statutory organisation under the Ministry of Labour and Employment.
While the PF’s principal function is to act as a long-term savings vehicle, members may withdraw money from their accounts over the course of their employment for specified purposes. Some explanations include sickness, home purchases, educational expenses, or marriage.
Up to three withdrawals from a member’s PF account are permitted during the course of their employment, but each withdrawal must occur at least five years after the prior one. As a result, a member is only permitted to withdraw money from their PF account once every five years.
The Employees’ Provident Fund Organization(EPFO) establishes the processes for withdrawals from the provident fund after resignation. According to the rules, employees who have been unemployed for two months or more are allowed to withdraw the entire balance in their PF account. This indicates that an individual who quits their job may withdraw the entire balance in their PF account two months after their last day of employment.
Before an employee can take the whole amount from their PF account, a number of limits and requirements must be satisfied. The employee must have worked for the current organisation for a minimum of five years, which is one of the most important conditions. If the employee has not yet worked for five years, they are only permitted to take the money they deposited to the PF account, interest-free.
Our expert will be your advisors and consultants for EPF registration online and help get the PF number in 5 to 10 business days (not factoring processing time). On the very first consultation, which is free of any charge, you will get the gist of our PF process. When we work on your behalf, we ensure that the PF application is submitted for the organisation in the prescribed format without any errors. We pledge easy working at the most economical prices.
The EPFO members will be able to 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.
The first two letters of the PF account number are the region code, the following three letters are the office code, the next seven digits are the establishment registration code, the next three zeroes are the establishment extension, and the final seven digits are the PF member id of the employee. So, PF account number is a 22 digit number.
Rate of contribution is the amount of contribution varies according to how many employees are working in the establishment:
For establishment 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.
When it comes to PF registration the following three aspects has to be followed for sure:
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.
Answered by our experts
With EPFO, PF registration must be completed. On the website, EPF registration can be completed electronically.
Workers who earn less than ₹15,000 per month are required for EPF registration, and those who earn more than that amount must obtain permission to join from the assistant PF commissioner.
If an employee does not wish to be enrolled for PF, they can indicate this on Form 11 when they first joined the company. A letter to the employer may also be sent by the employee to request withdrawal from the provident fund system.
A company must register for PF if it has more than 20 employees. The Central Government may require employers with less than 20 employees to make EPF contributions by giving them two month's notice.
Everyone who receives a salary is eligible for the EPF. Additionally, enrolling in the EPF is required of all employees making less than ₹15,000 per year.
Only contributions of up to 2.5 lakh per year remain tax-free for interest on employee EPF payments. A yearly tax is levied against the employee for interest on contributions exceeding 2.5 lakh.