Employees Provident Fund [EPF] is a plan under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. It is managed under the domain of Employees' Provident Fund Organization (EPFO) which is one of the World's biggest Social Security Organizations as far as demographic and the volume of monetary exchanges attempted. Essentially, EPF is ordinarily similar to an advantage to a representative amid the retirement given by the association.
Eligibility of EPF Registration for Employers
EPF enlistment is compulsory for:
- Any foundation which is a production line occupied with any industry having at least 20 people, and
- Any foundation utilizing at least 20 people or class of such foundations which the Central Government may, by notice indicate for this sake.
Any foundation may apply for this with the Union Government who’s having fewer workers (less than 20).
Where the managing director and majority of workers have accepted that the clauses of the respective act ought to be made appropriate to the foundation, they may themselves apply to the Central PF Commissioner. The Central PF Commissioner apply the clauses of the respective Act to that organization after pursuing the notification in the EPF Official Gazette from the date of the agreement or from any further date which is specified in the agreement.
Few foundations having under 20 representatives would likewise be required to get PF enlistment however that is intentional enrollment. Every one of the representatives will be qualified for a PF from the initiation of their director of the firm and the duty of finding and installment of PF lies with the patron of the business.
The PF of 12% ought to be isolated similarly between the patron and worker. The director’s endowment is 12% of basic pay wage + DA (dearness allowance) + RA (retaining allowance). If the firm is having less than 20 workers than as per the guidelines, EPF will be deducted to the rate of 10%.
Steps for EPF online Registration for Employers
The employer needs to follow the mentioned steps given below:
Step 1- Registration of the organization with EPFO
Visit the website of EPF of India and register the organization with EPFO. In the home page of the portal, there you’ll find an option known as “ESTABLISHMENT REGISTRATION”.[i]
Step 2: Read the User Manual
Click on the “ESTABLISHMENT REGISTRATION”[ii] and this page will take you to the next page where you’ll get and manual as an “INSTRUCTION MANUAL”. For a new user, it is important to read so must download & go through with the instructions before stepping ahead for the registration process.[iii]
Step 3: Register DSC
The employers who are as of now enrolled can login with their qualifications for example with the Universal Account Number [UAN] and secret word. This guidance manual will clarify the procedure of Employer Registration which is to be trailed by the enlistment of DSC [Digital Signature Certificate] of the Employer. Getting DSC enrolled is a pre-imperative to presenting a crisp application for ERF enlistment.
Step 4: Fill the Employer’s Details
Tick on “I have perused the instruction/manual” which says that you accept the terms and conditions which are given in the manual. Now click on “REGISTER BUTTON” given in the end of the page. There will be a pop up of new page where the employer’s details have to be filled. The columns which are marked with the red stars are compulsory to be filled
Step 5: Fill the details correctly
- First Name: The first name, middle name and last name ought to be entered precisely as outfitted to the Income Tax Department. Any change for the sake of the Income Tax Department will prompt dismissal as and when information is checked on the web.
- Employer PAN: After entering the employer’s PAN, a message will shows that employer is previously registered or not. Employer’s PAN will be verified like the name of the individual and an online application.
- User Name: One can choose the username of its decision. The framework will consequently show whether a similar username is available or not.
- Hint Question and Answer: One can choose its preferred insight question and indication answer which will be useful to the individual on the in case one forgets the account password. After filling this, the registration process will be completed and you’ll need to fill the CAPTCHA Code (Characters appear in the picture) at that point click on GET PIN catch.
- Mobile PIN: The individual will get the Pin number on a similar versatile number with which you enlisted and after that click on "I agree/accept to the above assertion ".
- Activate E-mail link: An e-mail link will be sent to the given email id which is to be actuated to empower the accommodation of an application for online enrollment of Establishment.
Documents required for EPF Registration
The list of archives required for EPF enrollment would fluctuate according to the sort of substance who wishes to enlist.
Till F.Y.2017-18, the EPF loan cost remains at 8.55 percent. Regarding comes back from an obligation instrument, EPF positively stands tall. The cash is sovereign-supported, and the premium earned is tax-exempt. It appreciates the Exempt, Exempt, Exempt (EEE) status as commitments are deductible from pay.
There is hardly any money investment scheme that gives a high rate of return with assurance and safety. In this manner, the best option is to transfer the EPF account at the time of transfer or switching jobs and avoiding the desire to withdraw the EPF amount form account.