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Provident Fund Registration
Employees Provident Fund is a security scheme for employees that help them save a small portion of their income for future benefits. During the working life both employer and the employee contribute to the fund on monthly basis which can be used later on retirement.
Employees Provident Fund comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is mandatory for all entities to get registered with Provident Fund Department within a month as the employees count reaches 20. Any delay may result in a penalty.
ComplianceIndia can help you obtain your Provident Fund Registration quickly and hassle-free.
Cover of Risk
One EPF Account (Single Account)
Employee Deposit Linked Insurance Scheme
Liability for Provident Fund Registration
– A factory with Total employee strength of 20 or more.
– An establishment that employees 20 people or more
Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employers.
How we Work?
Documents required for Provident Fund Registration
Frequently Asked Questions
1. What is Mandatory Provident Fund registration?
The provident fund is a social security scheme having the government guarantee to its members. The provisions of the PF Act applies to the establishment based on the number of employees. Registration with the Provident Fund Organisation is mandatory for establishments employing 20 or more employees.
2. What is Voluntary Provident Fund registration?
Provident Fund Registration can be taken on a voluntary basis with the consent of its employees. A copy of the declaration by the majority of the employee of opting for voluntary registration is attached with the Form.
3. Who must register with Employees Provident Fund Department?
Any entity, be it a government office, public sector or private sector entity which has 20 or more employees needs to get registered with the PF Department. The application must be filed within one month of reaching the employee count of 20. Where the employer wishes to provide the provident fund benefit to his/her employees, he may voluntarily apply for registration.
4. Do I need to be present in person during the EPF registration process?
You don’t need to be present in person during any stage. The entire procedure will be carried out by our experts. You just need to upload the required documents on or site and you will receive the registration on service fulfilment.
5. How much time does the Employee Provident Fund Registration process takes?
Usually, the entire process takes a week’s time. Depending on the work load with government department the process might take longer time. Make sure that you keep the required documents ready so that we can complete the entire process in least time.
6. While calculating the limit of 20 employees will every employee and labour force be counted?
The limit of 20 includes all permanent, semi-permanent and other contract employees like housekeeping, security or other contractual workers in the business.
7. Will PF registration help in collection of pensions?
Yes. PF has a direct impact on the pension of an employee. Of the amount contributed by the employer towards EPF, 8.33% of it goes to the EPS, i.e., Employee Pension Scheme.
8. What is the rate of PF contribution?
Both the employee and employer contribute 12% of the salary. The employers part consists of 12% of basic wages + dearness allowance + retaining allowance. If the number of employees is less than 20 in the firm, then the PF rate is 10%.
9. What is the contribution made by the employer in PF Contribution?
The contribution of the Employer is split as under:-
(i) For Employees’ whose basic is less than or equal to Rs. 6,500 per month:
– 33% of the employee’s basic to the Employees’ Pension Fund Scheme
– 67% of the employee’s basic to Employees’ Provident Fund Scheme
– 5% of the employee’s basic to Employees’ Deposit Linked Insurance (EDLI)
(ii) For Employees’ whose basic is more than Rs. 6,500 per month:
– 12% of the employees’ basic to the Employees’ Provident Fund Scheme less Rs. 541 per month
– 541 to Employees’ Pension Fund Scheme (being 8.33% of employee’s basic subject to a maximum of Rs. 6,500)
– 5% of the employee’s basic (subject to a maximum of Rs. 6,500 p.m.) to EDLI
10. Is it Compulsory for all the employees to contribute to the Provident Fund?
Employees drawing basic salary upto Rs. 15,000/- have to compulsory contribute to the Provident fund and employees drawing above Rs. 15,000/- have an option to become member of the Provident Fund.
11. Who is eligible for Employee Provident Fund?
To be eligible for EPF scheme, one has to be an Indian Resident and be at least 18 years of age. A minor can have an EPF account opened by a guardian, subject to maximum deposit of Rs. 1.5 lakh p.a.
12. What is employee declaration?
Every employee of the establishment has to furnish a declaration in Form number 11, the purpose of the form 11 is to give details of the employee to the company/employer for the purpose of doing compliance of the provisions of the PF Act and schemes thereof.
13. What is the UAN?
The UAN number is the short form of Universal Account Number Identification Number allotted by the EPFO to its members, this acts as an account number for the employees. The establishment needs to allot UIN number to all existing employees immediately after registration of the establishments.
14. What is the interest allowed on PF contributions?
The current rate of interest allowed for FY 2020-21 on PF contributions is 8.5% p.a.
15. Is the interest on PF taxable?
No, interest earned by an employee on his Provident Fund balance is not taxable.
16. Can I know the PF balance standing to my credit?
A statement is issued every year by the RPFC showing the contributions and interest credited along with other details like transfers received, loans availed etc. This is normally issued after 5 – 7 months after the close of the financial year.
17. What happens to my PF contribution if I leave my present employer?
In case you leave your present employer, you can either transfer your accumulated balance from the RPFC of the present employer to the trust / RPFC of the new employer or you can withdraw the funds. What happens to my PF contribution if I leave my present employer? In case you leave your present employer, you can either transfer your accumulated balance from the RPFC of the present employer to the trust / RPFC of the new employer or you can withdraw the funds
18. What happens to my PF contribution if I leave my present employer?
In case you leave your present employer, you can either transfer your accumulated balance from the RPFC of the present employer to the trust / RPFC of the new employer or you can withdraw the funds
19. Which form has to be filled while transferring provident fund deposit?
You just have to fill form no 13 to transfer your P.F amount.
20. What is the provision of the scheme in the matter of nomination by a member?
Each member has to make a nomination to receive the amount standing to his credit in the fund in the event of his death. If he has a family, he has to nominate one or more person belonging to his family and none other. If he has no family he can nominate any person or persons of his choice but if he subsequently acquires family, such nomination becomes invalid and he will have to make a fresh nomination of one or more persons belonging to his family. You cannot make your brother your nominee as per the Acts.
21. When is an employee eligible to enjoy pension scheme?
For an employee to become eligible for Pension fund, he has to complete membership of the Fund for 10 Years.