Employees Provident Fund - EPF is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of Employees’ Provident Fund Organization (EPFO).
Applicability - PF registration is applicable for all establishments which employ 20 or more persons. PF registration can also be obtained voluntarily by establishments having less than 20 employees.
Contribution - The PF contribution paid by the employer is 6% of (basic salary + dearness allowance + retaining allowance). An equal contribution is payable by the employee.
PF Return - Every establishment register under PF requires the filing of monthly returns on 25th of every month and annual return before 30th April.
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.
RISK COVER - Provident Fund helps the dependents of the employee by covering the financial risks they face any instances like illness, demise or retirement
SINGLE ACCOUNT - The PF account can be easily transferred while switching employments. It can be carried forward to any other place of employment instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
EMERGENCY FUND - EPF amount can be of great help during unanticipated occasions like mishaps, illnesses, weddings and educational expenses.
Review and Changes
Documents required for PF Registration
Any business that wishes to apply for PF needs to submit the following documents:
Name of the applicant.
Pan card of proprietor
Id proof of the proprietor like Driving license/Passport/Election Card
Address proof of proprietor.
Address proof for the premises.
Complete details of the applicant with their residential address and telephone number.
For Partnership Firms / LLP / Company
Name of the partnership firm or LLP or Company
Certificate of Registration Firms in case of Partnership firm. Incorporation Certificate in case of LLP or Company.
Partnership deed in case of partnership firms or LLP.
Id proof of Partners –Pan card /Election Card / Passport/Driving license in case of Partnership Firm or LLP. ID proof of Directors in case of company.
List of all partners with telephone number and address proof of all partners in case of Partnership Firm or LLP. List of all Directors with contact details in case of Company.
In case of Society, Trust etc, Registration of the organization needs to be done with concerned authority.
Certificate of incorporation of society/trust.
Moa and Bye Laws of society and trust.
Id proof of president and all members of society
Complete details of president and all members with their complete address and telephone number.
Pan card of society/trust
Common Documents Required for All Entities
First sale bill.
First purchase bill of raw material and machinery.
GST Registration Certificate, if registered under GST.
Name of the bankers, address of the bank.
Record of a monthly strength of the number of employees.
Register of salary and wages, all vouchers, all balance sheets from day one to current date of provisional coverage
Date of joining of employees, fathers name and date of birth.