Employees Provident Fund (EPF) is a scheme under the Employees’ Provident Fund and Miscellaneous Provisions Act 1952 that is regulated under the purview of the Employees Provident Fund Organisation. It is the world’s largest social security organization. EPF is an Employees’ Provident Fund Scheme for the benefit of an employee during retirement.
What is EPF Registration?
EPF is a scheme about the post-retirement future of the employee. Since TDS is deducted from the employees’ salaries, it is a crucial procedure for them to follow. Every month, both the employee and the employer deposit some amount of money in the EPF. This money accumulates in the employee’s account over time and forms their retirement corpus.
To get their names added to the EPF, they must go EPF Registration Process.
The EPFO consists of three different schemes:
- Employees’ Provident Fund Scheme
- Employees’ Pension Scheme
- Employees’ Deposit Linked Insurance Scheme
Employees need to obtain the EPF Registration certificate to get the post-retirement benefits.
Benefits of EPF Registration
Employees need to obtain the EPF certificate because there are multiple benefits to it.
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Provident Fund’s most fundamental benefit is to cover the risk that employees and their dependents may face and to provide insurance in case of retirement, illness, or death.
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EPF is consistent and transferrable to any other place of employment.
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The Employees contributing to EPF are exempted from tax paying and continue to earn the interest rate even if it has been dormant for the past three years.
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Ten years of contributory membership provides a lifetime pension to the employee. Furthermore, the employee and employer deposit some money in the EPF account every month.
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EPFO allows its members to make partial withdrawals after 5-10 years to meet particular needs, such as home loan repayment, medical expenses, and unemployment.
Eligibility of EPF Registration
- EPF Registration is mandatory for any organization/company having 20 or more employees. It must be done within 30 days of reaching the limit
- The companies which have not reached the limit mentioned above, are advised for compulsory registration in less than two months.
- If any employee draws a monthly salary that is less than 15000, then that employee automatically falls under the category of EPF.
- The employers and the employee must mutually agree to apply for EPF Registration.
** Who is not eligible for EPF Registration**
- Intern or apprentice
- Retired employees
- Non-Resident Employees
** Documents required for EPF Registration*
- PAN card of the company
- Address proof
- Certificate of incorporation
- Cancelled Cheque
- Signature of directors and authorized signatory
- Digital signature
- Date of establishment of the organization
- Date of reaching the limit of 20 employees
- Details of the establishment’s branch, if any
- Telephone bills, water bills, and electricity bill
** Procedure of EPF Registration**
- Go to the official website of EPFO and click on the ‘Establishment Registration’ button on the homepage
- It will redirect you to the ‘Unified Shram Suvidha Portal’ page. Click on the sign-up button.
- Fill out the form with your basic details such as name, email ID, phone number, and verification code. Fill out the form correctly then click on sign up to create the account.
- Log in to the USSP and select “Registration For EPFO-ESIC”
- Next, apply for new registration, provide all the details, and upload the required documents. Click on the submit button
- Complete the process by uploading your digital signature.
Conclusion
The EPF Registration is a tedious and complex procedure. It requires knowledge and expertise to obtain the EPF Registration Certificate.
In case incorrect documents and information are provided, then there is a chance of authorities taking action against you. Contact our expert EPF Registration consultants to avail of our exemplary services.
