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PF Registration Overview
The Employees' Provident Fund is a social security programme that enables employees to set aside a small amount of their wages for future benefits.
Every business is required to provide its employees with EPF, or Employees Provident Fund, which is equivalent to a retirement fund. The Employees' Provident Funds and Miscellaneous Provisions Act, 1952, governs EPF. Organizations with a total staff size of more than 20 must register with EPF. In only 3 simple steps, businesses can sign up for employee provident funds:
- Free advice and form-filling
- Make contact with an affiliate who is committed to data validation.
- receipt of a PF number
Benefits of PF Registration Online
Pension Coverage
Along with the employee's contribution to the EPF, the employer also makes a matching contribution that covers the Employee Pension Scheme (EPS). As a result, EPF helps you build a solid retirement.
Cover of Risk
Provident Fund assists the employee's dependents by assuming the financial risks they face in cases like illness, death, or retirement.
Single Account/one EPF Account
When changing jobs, the PF account can be transferred. The connecting of the earlier accounts will start to be made easier thanks to the Universal Account Number (UAN) connected to Aadhar. Instead of being closed down, it can be transferred to the new employer. This consistency makes sure that the rate of return compounds over time.
Emergency Fund
Emergencies are inevitable in life and can occur at any time. EPF money can come in very handy for accidents, sickness, marriages, and educational costs. Online claims can be filed by employees.
Employee Deposit Linked Insurance Scheme
Anyone who has a PF account is eligible for this insurance programme, which only requires a premium deduction of 0.5% of the employee's pay.
Extended Goals
For long-term objectives like purchasing a home or creating a fund for children, the PF account can be of great assistance.
Checking the EPF balance
By making a missed call from their registered cellphone number to 011-22901406 they can obtain the information that is available at the Employee Provident Fund Organization (EPFO) for members who have registered under the UAN portal. The member can readily obtain information about their PF balance and prior contributions if their UAN is connected to their bank account number, PAN card, or Aadhar number.
Documents required for PF Registration
Any business that wishes to apply for PF 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 authorized signatories
- Digital signature of the authorized applicant
- In case of voluntary registration, consent of the majority of employees
- 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
In some entities the underlying may also be needed :
FAQ
What happens if the employer does not register?
If the employer has not registered his or her establishment, the online generation of the challan will not be feasible. For access to the EPFO Employer Portal, the employer must register and create a user ID and password.
Whether EPFO comes under RTI?
Yes. Since this is a government organisation, the RTI Act applies.
Is it legal to withdraw EPF during job?
Withdrawing your EPF during a typical job move is against the law. Only those who have been jobless for two months may withdraw their EPF. Otherwise, it is actually prohibited to withdraw for any new job change. Rules only permit a transfer in the event of a job change.
How can you receive EPF withdrawals?
Any EPF withdrawal will currently be instantly paid to the beneficiary's bank account. Therefore, there is no reason for concern.
Which employees are excluded from this scheme?
An employee who was a part of this programme and withdrew the entirety of his contributions either because they were retired from their jobs after turning 55 or because they moved overseas for permanent residence.
Once the employer enters his/her establishment id a message is displayed No record found. What should he/she do?
Please double-check your entry of the right code number, extension number, if applicable, and EPFO Office. If true, kindly get in touch with the relevant EPFO Regional/Sub Regional Office.
Which PAN is to be entered as the Employer and Authorised Signatory have their PAN?
The PAN issued by the Income Tax Department of India in the business's name must be entered. Please type your name exactly as it appears on your PAN.
Whether an employee contributes more than 12% of his salary?
Yes, you have the choice to make a larger donation. However, the employer is not required to match your contribution in any way. The Voluntary Provident Fund is the name for this type of donation (VPF). Benefits from interest will be equivalent to those from EPF.
Who is responsible to deposit to EPF Scheme?
The full burden of depositing all funds, including those withheld from employees and employer contributions, rests with your employer.
My employer deducts his contribution from my salary, whether it is legal?
EPF laws state that an employer is not permitted to withhold it from an employee's salary. It is forbidden. After the laws were changed on September 1, 2014, I discovered that a small number of businesses began withholding their contribution from the employee. This is forbidden.