EPF REGISTRATION | APPLY PF ONLINE REGISTRATION FOR EMPLOYER

INTRODUCTION:

The term EPF is the abbreviation of the Employees’ Provident Fund (EPF). It is a special security scheme, popularly known as a retirement savings scheme or retirement fund, provided by the Government to all the paid employees in India, where fixed interest rates are paid.

The Employees’ Provident Fund is a kind of social security scheme that helps workers or employees save a small portion of their salary for future profits.

The EPF comes under the obligation of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Registration of the EPF is compulsory for organizations with a full capacity of more than 20 employees.

The Employee Provident Fund is something that an employer gives to their employees in addition to their basic salary.

WHO ARE ELIGIBLE TO OBTAIN EPF:

The organizations having the following requisites are eligible to get EPF-

  1. All those factories engaged in an industry that has employed 20 or more employees.
  2. Any other establishment having 20 or more employees during the previous year.
  3. An establishment having 20 or more persons or group of such establishments which the Central Government by notification specify.
  4. For every employee who is getting less than Rs. 15000/- per month

For more information, please contact us on info@trijuris.com or call us Mb. No. 85100 58386 or 9310 717274.

NECESSARY INFORMATION FOR EPF REGISTRATION:

The employers need to provide the following details to successfully register themselves-

  1. Name and address of the organization or Company.
  2. Branch details and location of the Company’s Head office.
  3. Proof of incorporation or Registration of the Company.
  4. The particular activity in which the Company is involved.
  5. The legal details of the Company, i.e., whether it is a private firm, a public company, partnership, or society, etc.
  6. The details of the Owner of the Company, including his/her Designation and address of the partners and Directors.
  7. The details of the bank with whom the Company has formed a banking relationship.
  8. Bank details such as name, branch, IFSC Code, and address of the bank.
  9. GST Certificate of the Company, if it has already registered itself.
  10. Basic details of the employee such as their name, date of joining, salary, etc.
  11. Company’s PAN details.
  12. A form with the name “Proforma for Coverage” needs to be filled along with all the necessary details to finish the registration process. Along with this Proforma, employers are needed to submit Form 5A with Annexure 1 to complete all the formalities.

PROCEDURE FOR EPF REGISTRATION:

The online EPF registration procedure for the employees are as follows-

Step.1. Register with EPF Portal

Every employer needs to visit the EPFO portal for registering the said organization with EPFO. On the home page of the portal, the option ‘Establishment Registration’ is selected.

Step.2. Read the ManuaL

After which, the employer will be taken to the next page where he/she will get an ‘Instruction Manual’. Before the Registration, a new user is needed to download and read the instruction manual thoroughly.

Step.3. Registering on USSP

After going through the manual, the employer needs to sign up on the portal of the Unified Shram Suvidha (USSP) of the EPFO. On the homepage, the “Establishment Registration” button of the EPFO website will open the USSP sign-up page. The employer needs to click on the “Sign Up” button and provide Name, Email, Mobile Number, and Verification Code and create an account.

Step.4. Filling up the Registration Form

After which, the employer requires to log in to the USSP and select the “Registration for EPFO-ESIC” button on the left-hand side of the screen. Next, the employer should click on the “Apply for New Registration” button on the right side of the screen.

Now, two options will appear, i.e., “Employees’ State Insurance Act, 1948” and “Employees’ Provident Fund and Miscellaneous Provision Act, 1952”. The employer should select the “Employees’ Provident Fund and Miscellaneous Provision Act, 1952” and click on the “Submit” button.

By clicking on the “Submit” button, the “Registration Form for EPFO” page opens, and the employer requires- to fill in the Establishment Details, e-contacts, Contact Persons, Identifiers, Employment Details, Branch/Division, and Activities, etc.

Step.5. To attach DSC

After filling up the “Registration Form for EPFO” and attaching all the required documents, the employer’s Digital Signature Certificate (DSC) is to be uploaded and attached to the form. Once the DSC of the employer is attached and uploaded, the employer will receive a notification e-mail from Unified Shram Suvidha (USS) portal with a confirmation that the EPFO registration has been successfully completed.

DSC registration is mandatory for fresh EPF registration.

For more information, please contact us on info@trijuris.com or call us Mb. No. 85100 58386 or 9310 717274.

BENEFITS OF EPF:

The benefits of the EPF registration are listed below-

  1. Uniform Account- The provident fund account is steady and transferable. Hence it can be carried forward to further place of employment.
  2. Tax-free- Income Tax regulations are not implied on EPF, either on the deposit amount or on its interest.
  3. Liquid savings- The fund in PF account may be used by the employee in adverse situations like any moment of health crisis or lay-off. PF is thus acting like a liquid source of funds accessible to the employee with a UAN number through the EPFO portal.
  4. Covers pension- In spite of the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards the Employee Pension Scheme (EPS). Risk Coverage- The fundamental benefit of the EPF Registration is that it covers the risks of the employees and their dependents, which may occur at the time of illness, retirement illness, etc.

NECESSARY DOCUMENTS FOR REGISTRATION:

Online Registration of EPF is an easy process, provided the employer has the following documents ready at hand prior to the process. Digital Signature Certificate or DSC is mandatory and is therefore advisable to process DSC before beginning the application process.

i. Name and PAN details of the employer.

ii. ID Proof of the employer, such as either a Passport, Driving License, or Voter’s ID.

iii. Address proof of the said Registered Office in a Sale Deed (in case it is a self-owned premise) or any Rent Agreement or Lease Deed (in case of a Rented Premises).

iv. Utility Bills such as electricity bills, water tax receipts, etc., should not be older than two months.

v. A copy of the Certificate of Registration is required in the case where the establishment is either a Trust or Society or LLP (Limited Liability Partnership) or Company.

vi. A copy of the Partnership Deed, Address Proof, and ID Proof of each partner is needed in the case where the establishment is a Partnership Firm.

vii. A cancelled cheque, which bears the pre-printed Account Holder’s Name and Account No.

viii. Balance Sheet Details.

ix. A copy of the Bill of the First purchase.

x. A copy of Memorandum of Association(MOA) and articles of Association (AOA), if the applicant is either a PrivateLimited Company or a Public Limited Company.

xi. Details regarding the total wages in a month.

xii. Details of the Employees required for the allotment of Unique Account Number (UAN) such as Aadhaar Card, PAN Card, Bank account details, Contact Number and Email-ID, Date of birth, Designation of the employee, etc.

CONCLUSION:

The EPF or Employees’ Provident Fund is a savings fund that accumulates during the employee’s employment period. The Employee Provident Fund Organization (EPFO) is the governing body of the EPF. While talking about the EPF, the following things are kept in mind:

  1. Both the employee and the employer make an equal contribution in respect of the EPF collection, the amount of contribution is equal to 12%.
  2. The EPFO ​​or Employees’ Provident Fund Organization manages the EPF program to provide retirement benefits and security to eligible employees.
  3. When the monthly CTC of an employee is INR 15000, and above, EPF as a compulsory benefit is given to the employee.
  4. The fund stored under the EPF scheme is given access to an employee when the said employee retires.
  5. The employer is obliged to deduct the employee contribution and transfer it to the employee’s PF account.
  6. If an organization employs less than ten employees, the employer can only contribute 10%.

In terms of repayment from the debt instrument, the EPF is quite helpful. This money and the interest earned is totally tax-free. In fact, it enjoys the status of Exemptas donations are deducted from the salary. No debt product offers such a high return on security and certainty. Therefore, it is best to transfer the PF account at the time of changing jobs and avoid the temptation to withdraw money.

For more information, please contact us on info@trijuris.com or call us Mb. No. 85100 58386 or 9310 717274.