Employees Provident Fund Registration
What is EPF?
The Employee Provident Fund or PF is a retirement saving scheme provided by the government for all salaried employees in India, on which fixed interest is regularly paid.
The Employee Provident Fund is a perquisite given by the employer to their employees over and above their basic remuneration.
Why Get EPF Online Registration for Employer?
PF Registration is mandatory for all the organizations that have 20 or more employees. Such organizations are required to contribute a fixed amount towards Employee Provident Fund out of employee salary and wages.
If an employer fails to get EPF employer registration, or indulges in false representation of facts to avoid PF payment, he shall be liable for a penalty of ₹5,000/-.
Benefits of EPF Registration
Risk Coverage
The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
Uniform account:
One of the most important aspects of the Provident Fund account that it’s steady and transferable. It can be carried forward to any other place of employment.
Employee Deposit Linked Insurance Scheme:
This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
Long-term goals:
There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
Emergency needs:
There are certain unanticipated occasions like marriage or other family occasions, any mis-happening or illness that require urgent finance. The PF amount can be of great help.
Covers pension:
Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).
Documents required for EPF Registration
- Registration Certificate: GST Certificate, Shopex, COI
- Address proof: Electricity Bill, Rent agreement, Telephone Bill, Water bill.
- PAN card of business entity and all partners/directors.
- Cancelled cheque is required for authentication of bank details.
- DSC of anyone Director
- Additional Document: In case of Company – COI/MOA, In case of partnership firm – Partnership deed.