EPF Registration For Employers - Steps
EPF Registration For Employers - Steps
EPF Registration For Employers - Steps
Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds
and Miscellaneous Provisions Act, 1952. It is regulated under the purview of
Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest
Social Security Organizations in terms of clientele and the volume of financial
transactions undertaken. Basically, EPF is normally like a benefit to an employee during
the retirement provided by the organization.
Central Government may apply any establishment employing less than 20 employees
after giving not less than two months’ notice for compulsory registration
Where the employer and majority of employees have agreed that the provisions of this
act should be made applicable to the establishment, they may themselves apply to the
Central PF Commissioner. The Central PF Commissioner may apply the provisions of
this Act to that establishment after passing the notification in the Official Gazette from
the date of such agreement or from any subsequent date specified in the agreement.
Some establishments having less than 20 employees would also be required to obtain
PF registration but that is voluntary registration. All the employees will be eligible for a
PF from the commencement of their employment and the responsibility of deduction &
payment of PF lies with the employer.
The PF contribution of 12% should be divided equally between the employer and
employee. The employer’s contribution is 12% of basic wages plus dearness allowance
plus retaining allowance. If the establishment has employed less than 20 employees,
PF deduction rate will be 10%.
Employer PAN: After entering the employer’s PAN, a message will appear that
shows 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 completely and you need to fill the
CAPTCHA Code (Characters are shown in the image) then click on 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 E-mail link: An e-mail 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.
Address proof for the president & List of all partners with List of all Designation
premises. members Address directors with ID proof
Address Address (Aadhaar
ID Proof
Card/ PAN
ID Proof ID Proof
Card)
Bank A/c
number with
IFSC code
Conclusion
Till F.Y.2017-18, the EPF interest rate stands at 8.55 percent. In terms of returns from a
debt instrument, EPF certainly stands tall. The money is sovereign-backed and the
interest earned is tax-free. In fact, it enjoys the Exempt, Exempt, Exempt (EEE) status
as contributions are deductible from income.
There is hardly any debt product that gives such high return with safety and assurance.
Therefore, it’s better to transfer the PF account at the time of switching jobs and avoid
the temptation to withdraw the amount.
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