Online EPF Registration
You know about EPF registration process? Every month a part of your salary gets deducted in the name of EPF. While majority of the individuals are aware about the contribution, some of them keeps wondering about where this little chunk is going.
Employee’s Provident Fund (EPF) is a retirement benefit scheme which is available to all salaried employees. The fund deducted every month is maintained and taken care of by the Employees Provident Fund Organization of India (EPFO). Companies which have more than 20 employees are required to register with the EPFO as it is a law by the Indian government. Provident Fund balance is a useful saving scheme which helps employees save a portion of their earnings every month such that the amount can be used during time of need or during old age.
Eligibility for EPF Registration
Companies must register with EPFO if employees are more than 20 including permanent and temporary employees. For companies who have less than 20 employees can also register voluntarily with EPFO. When companies attain 20 employee they will have to register themselves. However, if there is a delay, then one has to pay EPF penalty for such delay in EPF registration. If in case, the headcount of an organist ion falls below 20 they shall continue to remain registered under EPFO.
Documents Required for EPF Registration
Employees are supposed to submit certain documents as a proof, so that employees can successfully register their account. Check out the document list below which must be submitted during the EPF registration process:
- Salary slip or salary details of the employees
- Partition deed of the organization
- For societies, they must submit a copy of their registration certificate.
- PAN details of the organization
- Balance sheet details
- All the documents must be submitted which is required under the Income Tax Act
- Any proof of incorporation such as license by the competent authorities and first sales invoice.
- A copy of rules and objects of the society must also be submitted
- Copy of memorandum and articles of association must be submitted by private limited companies and public organizations
- A copy of Certificate of incorporation for private limited company or public organization must be submitted and this must be issued by the Registrar of the companies
- Partnership deed must be submitted if the company is registered partnership firm
EPF Registration Process for Employers
Now everything is turning into digital, and the credit for all of it goes to our honorable Prime Minister who has adapted new technology for the PF registration process. Employers can now easily register either through online or offline mode. Companies are majorly opting for online procedures, as they need not have to stand in long queues and the process of filling up the various EPF forms can be completed swiftly. PF registration forms are readily available at Employees’ Provident Fund Organization website, so it can be downloaded and filled with the below mentioned details:
- Name and address of the organization
- Head office and the branch details of the organization
- Date of registration or incorporation of the organization
- Full details and total number of the employees
- The main activity of the organization such as manufacturing, food processing or any product service company must be filled
- PAN details need to be filled
- Bank details must be filled, if any loan is sanctioned then it must be specified
- Basic and general details of the employees such as name, date of birth, date of joining and contact details
- Legal details of the company must be submitted i.e. whether the company is a public or a private firm or a society
- Owners details must be filled such as directors and the partner details
- Total wage disbursed monthly must be filled i.e. the wage component of the employee
Benefits of PF Registration
Some people may wonder how PF shall benefit them. There are several ways in which an employee can be benefited. If the money is not withdrawn in between till the maturity level then there are several benefits which can be availed as discussed below:
- There are two general elements of EPF – Employee Pension Scheme and Provident Fund which was introduced in 1995. Employee and employee contribute towards PF. Members can easily withdraw the money in case of any emergencies or for any other personal reasons. Employees need not repay back the money which is withdrawn.
- PF is entitled to pension as well. Pension is provided to employees as well as to the employee family in case of the employee’s death.
- If the employee is not eligible for pension, then he/she can withdraw the money when needed. The money is calculated based on last average salary and service based on the actual amount in the pension fund account.
- The nominee is based on the employee’s choice. They will have to go through the FORM-2 and nominee of employee’s choice can be easily selected without going through much hassle in EPF registration.