Employee Provident fund or EPF registration is another name for pension fund. EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for organizations with total employee strength more than 20.
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.
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
- 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:- Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
- 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 transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
- 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.