Provident Fund Registration

EPF is one of the major platforms of saving funds in India for nearly all individuals working in Government, Private or Public companies. It is managed and regulated by Employees Provident Funds and Miscellaneous Provisions Act, 1952. Employees' Provident Fund(EPF) is a government savings scheme with a motive of helping out the employees to save their small portion of their salary for future needs. Each organization has to provide its employees with an Employee Provident Fund(EPF) which is akin to the retirement fund.

Companies that have 20 or more employees are required to register with the Provident Fund (PF) department. The strength of 20 includes contract employees like housekeeping, security or other workers in the business. Even those companies which don't have the strength of 20 employees but they want to provide provident fund advantages to their employees can also apply for voluntary registration with Regional Provident Fund Office. Registration must be done one month from the date of employing 20 workers.

Risk coverage

As this is a globally recognized mark, it would ultimately help your business to expand and even establish your business overseas.

Uniform account

One of the most significant aspects of the Provident Fund accounts that it's steady and transferable. It tends to be carried forward to some other work environment. The Provident Fund account can be transferred while switching jobs. There is no need to close to the Provident Fund account while switching jobs rather you can carry forward the account to a new job.

Linked with Insurance Scheme

This scheme is applicable to all the PF account holders. As per the scheme, 0.5% of the employee's salary is deducted for the life insurance premium.

Long-term needs

There are some long-term objectives, for example, Marriage or education requires a huge amount of funds. The provident fund often helps in such events. This amount can be claimed immediately online.

Covers pension

Apart from the employee's 12% commitment towards EPF, an equivalent sum is contributed by the employer business, which includes 8.33% towards Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.

Balance check

The employees are provided with a UAN number which helps them to check their provident fund balance instantly. The EPF portal provides a lot more information related to the UAN account like PF balance and previous contribution details and previous withdrawal and so on.

Below are the following criteria of eligibility:

• A manufacturing unit with 20 or more employee strength.
• A firm with 20 or more individuals strength. In this case, the central government defines the class of such firms
• A firm with less than 20 worker strength has to intimate to the Employees' Provident Fund Organization with a notice priorly within 2 months or less than that.
• Employee, whose basic salary is more than Rs. 15,000 per month, at the point of joining, are eligible for EPF.

Every employee is eligible for a provident fund. But the above are the criteria which make it compulsory.

The set of documents depends on the type of organization. Below are the documents required with respect to the type of organization.

For Company and LLP

• Name of the Company or LLP.
• Incorporation Certificate of the Company or LLP
• Partnership deed in case of LLP
• Id proof of Partners/Directors - Pan card/Passport /Election Card/ Driving license in case of Partnership Firm or LLP
• Address proof of Partners/Directors with the telephone number of each partner/director

For Proprietorships

• Name of the applicant
• Pan card of proprietor
• Id Proof of the proprietor
• Address proof of proprietor
• Address proof of the office
• Details of the applicant with the address proof and mobile number

Common set of documents required for any entity

• First sales bill for goods or services.
• First purchase bill of the raw material or assets.
• GST registration certificate
• Bankers details like Name of the banker, address proof of the bank
• Monthly record of the employee
• Date of joining of the employees with there details
• Salary and PF statement
• Canceled cheque