219 week ago — 9 min read
The Employees’ Provident Fund, better known as EPF is a welfare scheme that comes under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
The EPF works as a benefits scheme for employees as it makes sure that their life after retirement is financially stable. The scheme takes contributions from both employees and employers. Moreover, at the time of retirement, the employees get to withdraw the amount in their EPF account. Additionally, their EPF accounts will contain their contribution, their employer’s contribution, and interest on both those amounts. Hence, such a scheme is highly helpful to employees working in both private and government-sector jobs.
The EPF works as per instructions from the Employees’ Provident Fund Organisation (EPFO). At the time of retirement, the employees get to withdraw the amount in their EPF account. Their EPF accounts will contain their contribution, their employer’s contribution, and the internet on both those amounts. The Employee Provident Fund Organisation thus handles the working of such accounts. The EPFO is one of the world’s most extensive social security and welfare organisations.
The following employers and establishments have to mandatorily sign up for the EPF Scheme.
The EPF registration for employers can be done both through online and offline methods. But, before that, a list of documents has to be submitted by the employer depending on the type of entity. As such, the list of documents required for PF registration of employer is as follows:
As such, according to the type of entity, one must keep the documents required for PF registration of the employer before registering themselves with the EPFO.
The EPF registration for employers can be done through simple steps, with the online option being the most preferred and convenient one. Once you have all the documents required for PF registration of the employer, the procedure for online EPF registration for the employer is as follows:
o Details of establishment
o Employer and employee details
o Identity proofs
o Details related to work and others
With the above-mentioned steps and requirements, one can easily complete the online EPF registration for the employer and even the employee. All one needs to do is provide the right set of documents, and get the registration done on time, failing which they will be liable to a penalty.
1. PF online contribution is 12% of basic salary, and this is equally paid by both the employer and employee.
2. Additionally, the employer’s contribution is calculated on a salary which includes basic wages, dearness allowance and retaining allowance.
3. In case the establishment employs less than 20 people, the contribution is calculated at 10% of the basic salary.
Also read: Everything an employer needs to know: PF, ESI, Bonus & Gratuity
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