What is Provident Fund Registration Overview
EPF is one of the main platform of savings in India for nearly all people working in Government, Private or Public sector organizations. It is implemented by the Employees Provident Fund Organization (EPFO) of India. Employees Provident Fund is done through Meraprofit.
Companies which have employee strength of 20 or more are required to be registered with PF Department. The capacity of 20 includes contract employees like housekeeping, security or other contractual workers in the business. Those companies which do not have the endorsed number of employees but willing to register themselves to provide the advantages of Provident Fund to their employees can register voluntarily with the Regional Provident Fund Office. Registration has to be done within One month from the date of hiring 20 employees. Any delay may result in a penalty
Process for Provident Fund Registration
The employer must register the establishment online. With the convenience of online registration the employer can register the establishment by providing the following details:
Establishment details:
- Name of the establishment
- Address
- Incorporation Date
- PAN
- Type of establishment
If the establishment is a factory then the following details must be provided:
- Name of the establishment
- Address
- Incorporation Date
- PAN
- Type of establishment
01
Register the organization with EPFO
Visit the website and register the organization with EPFO. In the home page of the Unified portal, there is an option called ESTABLISHMENT REGISTRATION.
02
Read the User Manual
Click on the ESTABLISHMENT REGISTRATION and you will be taken to the next page where you will get an INSTRUCTION MANUAL. A new user must download and read the instruction manual completely before the registration.
03
Register DSC
The employers who are already registered can login with their credentials i.e. with the Universal Account Number [UAN] and password. This instruction manual will explain the process of Employer Registration which is to be followed by registration of DSC [Digital Signature Certificate] of the Employer. Getting DSC registered is a prerequisite to submitting a fresh application for ERF registration.
04
Fill the Employer’s Details
Tick on I have read the instruction manual completely. Click on REGISTER BUTTON given below. This will take you to the new page where all the employer’s details need to be filled in. The fields marked with the red star (asterisk) are mandatory to be filled in.
05
Fill the details correctly
First Name: The first name, middle name and last name should be entered exactly as furnished to the Income Tax Department. Any variance in the name of the Income Tax Department will lead to rejection as and when data is verified online.
Employer PAN: After entering the employer’s PAN, a message will appear that shows the employer is not registered previously. PAN will also be verified like name and an online application will be permitted.
User Name: One can select the username of its choice. The system will automatically show whether the same username is available or not.
Hint Question/ Answer: One can select the hint question and hint answer of its choice which will be helpful to the person in case one forgets the password. After filling up this, the registration process gets complete and you need to fill the CAPTCHA Code (Characters are shown in the image) then click on the GET PIN button.
Mobile PIN: The person will get the Pin number on the same mobile number with which you registered and then click on I agree to the above declaration
Activate Email link: An email link will be sent to the given e-mail id which is to be activated to enable the submission of an application for online registration of Establishment.
Documents Required For Provident Fund Registration
- Application in the prescribed Form
- If the applicant is any Firm, LLP or a Company, their PAN Card, along with the incorporation certificate.
- In the case of an individual applicant, his/her Aadhaar Card is mandatory.
- Latest Municipality Property Tax Payment Receipt.
- Lease documents or consent letter from the owner of the property.
- NOC from your immediate neighbor
- A certified layout plan of your trade building showing the business, working or washing or resting areas
- Katha extracts
- Katha certificate
- j.Sanction plan
- Occupancy certificate (OC)
Benefits Of Provident Fund Registration
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.
Checking the EPF balance
The members who are registered under the UAN portal can get the details which are available at the Employee Provident Fund Organization (EPFO) by just giving a missed call to 011-22901406 from their registered mobile number. If the members UAN is linked with the banks account number, PAN card or Aadhar number, then the member can easily get the PF balance and previous contribution details Activated members of the UAN can get to know their previous EPFO balance and PF contribution by sending an SMS to 7738299899 from their registered mobile.
FAQs On Provident Fund Registration
Any company which has 20 or more employees is required to be registered with the PF Department.
It will take 10-15 working days.
12% of the basic salary deposited in provident fund account is contributed by employers, whereas out of employee contribution of 12%; 3.67% is contributed to the provident fund and 8.33% is submitted in Pension scheme.
The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer. Employer contribution of 12% of basic salary is totally deposited in provident fund account whereas out of Employees contribution of 12%, 3.67% is contributed to Provident fund and 8.33% is deposited in Pension scheme.
Employees drawing basic salary up to Rs 15000/- have to compulsory contributions to the and employees drawing above Rs 15001/- have an option to become a member of the Provident Fund.
Provident fund contribution by the employer & employee is not a taxable income for Income Tax purpose.
Any establishment which employs 20 or more employees, except apprentice and casual laborers, every Employee including contract labor who is in receipt of basic salary up to Rs. 15000 p.m. is covered by the Act. Any establishment which has been covered under the Act once shall continue to be governed by the Act even if the number of persons employed therein at any time falls below 20.
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.
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.
For the financial year 17-18, the interest rate was capped at 8.55%. When compared with any other debt instrument, this is an incredible rate of return. Furthermore, a PF account comes within the Exempt, Exempt, Exempt (EEE) status. You need not pay tax on the amount saved in your PF account. Hence, in short, there is no better way to save for your old-age than getting a PF account while you are employed. It acts as a blanket of financial security for you.
Yes. PF has a direct impact on the pension of an employee. Of of the amount contributed by the employer towards EPF, 8.33% of it goes to the EPS, i.e., Employee Pension Scheme.
There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges.
We will take 4-5 working days.
The PF beneficiary will not be able to access the Employer Portal of EPFO and view his PF status unless he has gone through the PF registration process.
Without PF registration, an employee can't view his PF status on the EPFO portal and also he won't be able to claim any PF amount.
The PAN issued by the Income Tax Department in the name of the business entity is to be used for PF registration.