EPF registration in Jharkhand is one more name for Pension Fund. EPF registration is mandatory for business or enterprises having 20 or more employees. EPF is a labour law, which provides social security to employees and labours. EPF goes under the domain of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF Registration is obligatory for associations with all out representative strength more than 20.
The Employee Provident Fund or PF is a retirement saving plan gave by the public authority to all salaried representatives in India, on which fixed interest is routinely paid.
The Employee Provident Fund is a perquisite given by the business to their representatives far beyond their essential compensation.
EPF Registration is obligatory for every one of the associations that have at least 20 representatives. Such associations are needed to contribute a decent sum towards Employee Provident Fund out of worker compensation and wages.
On the off chance that a business neglects to get EPF boss enrollment, or enjoys bogus portrayal of realities to stay away from PF installment, he will be responsible for a punishment of INR 5,000/ – .
EPF Registration for Employer is mandatory If:-
He has a processing plant having at least 20 individuals, or
Any other association/establishment with at least 20 representatives or
The class of such associations whom the Central Government may, by notice would indicate for obligatory EPF manager enlistment.
Employee Provident Fund (EPF) is a plan under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is directed under the domain of the Employees’ Provident Fund Organization (EPFO) which is one of the world’s biggest government managed retirement associations as far as customer base and the volume of monetary exchanges attempted. Essentially, EPF resembles an advantage to a worker during the retirement given by the association.
Applicability of EPF Registration for Employers
EPF registration is mandatory for all establishments-
- which is a factory engaged in any industry having 20 or more persons, and
- To any other establishment employing 20 or more persons or class of such establishments which the Central Government may, by notification specify on this behalf.
EPF enrollment is obligatory for all foundations
which is a production line occupied with any industry having at least 20 people, and
to some other foundation utilizing at least 20 people or class of such foundations which the Central Government may, by notice indicate for this sake.
The business should acquire the enrollment inside one month of accomplishing the strength, bombing which punishments will be relevant. An enrolled foundation keeps on being under the domain of the Act regardless of whether the worker strength falls underneath the necessary least.
Focal Government might apply the arrangements to any foundation utilizing under 20 workers in the wake of giving at the very least two months’ notification for obligatory enrollment. Where the business and larger part of workers have concurred that the arrangements of this demonstration ought to be made appropriate to the foundation, they may themselves apply to the Central Provident Fund (PF) Commissioner.
The Central PF Commissioner might apply the arrangements of this Act to that foundation in the wake of passing the notice in the Official Gazette from the date of such understanding or from any ensuing date indicated in the understanding.
Every one of the workers will be qualified for a PF from the beginning of their business and the obligation of allowance and installment of PF lies with the business. The PF commitment of 12% ought to be separated similarly between the business and representative. The business’ commitment is 12% of the essential compensation. Assuming the foundation has utilized under 20 representatives, the PF derivation rate will be 10%.
Documents required for EPF 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
- 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
- In some entities the underlying may also be needed:
- 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
You just need to collect the mandatory documents and send a copy of each document to us.
Online EPF registration procedure for employers
- Collect relevant employee data and documents.
- Establishment Registered with EPFO.
- Register DSC (Digital Signature Certificate) of the Employer.
- Fill application with all employer details.
- Submit verified form
- Get PF registration certificate & Universal Account Number [UAN]
Benefits of PF Registration Online
- Pension Coverage:- Other than the contribution of the employee to EPF, the business adds an equivalent sum which is comprehensive of Employee Pension Scheme (EPS). Hence, EPF saves you a vigorous benefits.
- Cover of Risk:- In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
- Single Account/one EPF Account:- The PF account can be moved while exchanging occupations. Widespread Account Number(UAN) connected to the Aadhar will begin to work with the connecting of the past accounts. It tends to be conveyed forward to the new business as opposed to being shut down. This consistency guarantees that the pace of return is accumulated throughout the long term.
- Emergency Fund:- Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can make claims online.
- Employee Deposit Linked Insurance Scheme:- Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.
- Extended Goals:-The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.