Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits. Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund. EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for organizations with total employee strength more than 20. Employees can save a considerable amount of money through PF over the period of time. Along with additional contribution from the employers, employees also stand to gain higher returns with interest on the accumulated fund.
To the employees and then to the employers and vice versa.
Saving tool
Tax Saving
PF is widely accepted as tax-saving investments. PF Investment is eligible for deduction under section 80C and reduces the taxability of employee. An employee can invest up to 1.5 lakh each year in PF with tax-free proceeds at retirement.
Mandatory Compliance
Once an entity crosses the specified number of employees, PF Registration becomes mandatory. Once registered, PF registration cannot be revoked or cancelled even if the number of employees falls below 20.
Retirement Planning
PF is an option which serves as an important tool for retirement planning for employees. Accumulated PF proceeds can be used under the MIS scheme for getting a fixed amount per month.
Preferred Employer
Employees prefer to work under the employer who has registration under PF. Provident fund registration increases the credibility of the concerned entity. PF registration gives a psychological advantage to an employer who desires to hire and retain talents.
Insurance Benefit
There is an insurance scheme linked the EPF contribution. The EPFO has declared the Employees Deposit Linked Insurance (EDLI) Scheme. Under this scheme, if the employee dies during the period of service, then the nominee of the employee will receive a lump-sum insurance amount.
Data collection, application, verification. Registration.
Collect relevant employee data and documents.
Establishment Registered with EPFO.
Register DSC (Digital Signature Certificate) of the Employer.
Fill application with all employer details.
Submit verified form
Get PF registration certificate & Universal Account Number [UAN]
Papers of employers, employees and salary information.
Any business that wishes to apply for PF needs to submit the following mandatory documents:
PAN card of establishment
Certificate of incorporation
Cross cancelled cheque of establishment
Address proof that is in the name of the establishment. It can be:
Rent agreement
Water
Electricity
Telephone bill
Specimen signature of directors and authorized signatories
Digital signature of the authorized applicant
In case of voluntary registration, consent of the majority of employees
In some entities the underlying may also be needed:
First sale bill
First purchase bill of raw material and machinery
GST Registration Certificate
Bankers details
Record of a monthly employee strength
Register of salary and wages
You just need to collect the mandatory documents and send a copy of each document to us. The rest will be handled by the efficient team at Vakilsearch. From filing the form to verification processes and legal formalities, we handle it all!
A great support.
The Provident Fund can be a great support, safety and assurance for employees
It offers a sense of financial security to the employees.
regulated by the Employees’ Provident Fund Organization (EPFO),
You do not have to go through the legal complexities of registering for PF.
Once we get the required information and the documents, our experts fill the forms accurately and submit them on time.
Our team takes the responsibility of follow-ups and deliver you the PF number at the earliest time as possible.
