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Overview

Employee’s Provident Fund (EPF)

Employees Provident Fund or EPF primarily is a scheme put into action by the ‘Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The scheme is put into regulation under the shadow of Employees’ Provident Fund Organisation or EPFO. PF registration is executable for the organizations having twenty or more than twenty officials in-house, keeping in view of specific occasions and relaxations even if they have less than 20 employees.

As per EPF scheme, an employee must be having some role in the scheme, and a similar contribution is delivered by the concerned employer. Here the employee grabs a gross sum that comprises own and the employer’s part, with interest, be it on retirement or about resigning.

Eligibility criterion for PF

It is mandatory for those employees earning below Rs. 15000 in a month to be a part of the EPF. According to norms, those with ‘basic pay’ above Rs. 15000 per month while joining don’t fall under the PF contribution category. Those who are making above Rs. 15000 per month can be a member and have their PF contributions. This has to be done with approval of Employer and Assistant PF Commissioner.

PF Contribution percentage

PF contribution amount made by an employer in general accounts 12 percent, which includes the basic salary, including dearness and the retaining allowances. Also, a similar level of contribution is essential to be made by the employees. In those ventures where the number of employees is below 20 and those accord other norms as per EPFO, the rate of contribution for employee and employer is confined within 10 percent. Mostly for private employees, the contribution is calculated primarily made on basic salary.

Employees Pension Scheme

From the contribution of the employers, 8.33 percent is delivered to the Employees’ Pension Scheme. The calculation is made at 15k INR. The amount delivered to EPS would be 1250 INR for those with basic amounts of 15k INR and above that. When the basic salary is under 15K, then 8.33% of it would be delivered to EPS; the balance will be held in EPF scheme.

Exploring PF Contribution

The rate of 12% is decided in accordance with the below sub-categorization:

1) Employees’ Provident Fund gets around 3.67% of contribution

2) EPF Administration Charges get 1.1% of contribution Employees’ Deposit Linked Insurance gets 0.5% of contribution

3) EDLI Administration Charges gets around 0.01% of contribution

4) Employees’ Pension Scheme gets around 8.33% of contribution

EPF Charges

1) Contribution is fixed to the closest rupee for every employee, their share, pension amount, and EDLI contribution.

2) Difference between employee Share and Pension Contribution is The Employer Share.

3) EPF Administrative charges per month are, in general, a minimum of Rs. 500.

4) When a venture doesn’t have any member in the month, a nominal administrative charge of Rs. 75 is applied.

5) Amount per month as per the EDLI Administrative charges is minimum Rs 200 is payable.

6) When a venture has no member in the month, the least administrative charge applied is Rs. 25

7) If a venture is relaxed from PF Scheme, Inspection charges at 0.18% of Rs. 5 is payable in place of Admin charges.

8) If a venture is excused under EDLI Scheme, Inspection charges at 0.005%, of at least Rs. 1 is payable in place of Admin charges.

Date of payment for PF Filing with EPFO

Employers prior to making payment for the employees should cut the contribution of the employees from their daily payments. Both the employee and employer share are to be paid to the EPFO, within 15 days of ending every month.

Essential requirements for PF Registration

EPF is primarily a scheme regulated under the norms of EPFO act. PF registration is meant for the ventures those having more than 20 employees or more than that, as per specific conditions and relaxations.

Making an application for the PF Registration

PF registration is essential for the ventures having 20 or more employees. Those having under 20 employees would be essential to have PF registration. Each of the employees gets eligibility for PF straight from the day of employment, and the responsibility of reducing the amount is with the employer. 12% PF contribution must be evenly distributed among the employees, as well as the employers. PF cut at 10% is meant for those ventures with below 20 employees.

Document Required

As per the kind of venture looking for PF registration, the documents needed would vary.

For Proprietorships
  • Applicant’s name
  • Proprietor’s Pan Card
  • Identity proof of the proprietor like Driving license, or Passport, or Voter ID
  • Proprietor’s residential proof.
  • Residential proof of premises.
  • Entire details of the applicant along with present address and telephone number
For Partnership Firms/LLP/Company
  • Name firm in partnership or LLP or Company
  • In case of Partnership firm, Certificate of Registration Firms and in case of LLP or Company Incorporation Certificate is essential.
  • Partnership details in case of LLP.
  • Identity proof of Partners including Pan Card, Voter ID, Passport, Driving license in case of LLP. ID proof is essential for Directors in case of a company.
  • Complete detail of partners with telephone number and residential detail for Partnership LLP.
  • Complete detail of Directors with residential detail for Company.
Society/Trust
  • Registration of the organization is essential to be done with concerned authority in case of Society, Trust, etc.
  • Establishment certificate of society/trust.
  • Society and trust’s Moa and Bye-Laws.
  • Identity proof of president and the entire members of society
  • Entire details of president and the members with entire address and phone number
  • Pan card of the concerned society/trust
Common document for each
  • Initial sale bill
  • Opening bill of buying of raw material and equipment.
  • GST registration certificate if registered under GST.
  • Details of bankers, and bank’s location.
  • Detail of number of employees per month.
  • A register is containing complete detail of payment and wages, entire vouchers, complete balance detail from first day to the present of provisional coverage
  • Detail about joining of employees, their father's name and birth details.
  • Salary and PF Statement.
  • Cross canceled cheque.

Time Lines

  • (2 to 3 Days)
  • Purchase the Service
  • Upload / send the Documents
  • Discussion with expert
  • Filing of details with authorities
  • Receipt of Acknowledement
  • Confirmation to client

Service Covered

Pricing for what you want required service

Basic

6950*
  • Expert Consultation
  • PF registration having employees upto 25

Business

13450*
  • Expert Consultation
  • PF registration having employees upto 50

Enterprise

22450*
  • Expert Consultation
  • PF registration having employees more than 50
  • Notes:
  • * This price is inclusive of all Govt filing fee and excluding GST amount.

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