PF & ESI Registration

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PF & ESI Registration


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About PF & ESI Registration

Employee welfare and benefits are integral aspects of any organization's operations. Among these benefits, the Provident Fund (PF) holds significant importance, providing financial security and stability to employees during their retirement years. As an employer, understanding the process of PF registration and return filing is crucial to ensure compliance with legal requirements and to uphold the welfare of your workforce. In this blog post, we'll delve into the intricacies of PF registration and return filing, elucidating the steps involved and the importance of adherence to regulatory norms.

Provident Fund registration is a mandatory requirement for employers under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The Employees' Provident Fund Organization (EPFO) governs the PF scheme, which aims to provide retirement benefits to employees by accumulating a corpus through regular contributions from both employers and employees. PF registration involves enrolling the establishment with the EPFO and obtaining a unique PF code, which is used for subsequent PF transactions and compliance activities.

Advantages

Employee Provident Fund

Employee Provident Fund is a very important tool of retirement planning. The tax free interest (compounding) and the maturity ensures a good growth of your money. If continued for a very long term, it can help immensely in meeting ones retirement goal. But while fulfilling other goals or during emergencies, we fall short of funds even after taking all recourse and do force borrowing. At this moment EPF can be helpful due to certain benefits it provides which most of us are unaware of.

Here are some of these which every subscriber should know-

  • Insurance Benefit.
  • PF Entitles for Pension Too.
  • Marriage, Education need for self, child or any sibling.
  • House construction, repair or maintenance or for housing loan repayment.
  • Medical Emergency.

Steps Required for pf registration

Eligibility Determination :Employers with 20 or more employees are required to register for PF within one month of reaching the threshold limit. However, voluntary registration is also possible for establishments with fewer than 20 employees.

Document Preparation :Gather the necessary documents for PF registration, including :

  • PAN Card of the establishment.
  • Address proof of the establishment.
  • Incorporation certificate (for companies).
  • Partnership deed (for partnership firms)..
  • Memorandum of Association and Articles of Association (for LLPs).

Online Application Submission :Visit the EPFO's Unified Portal and complete the online registration process by providing the requisite details and uploading the supporting documents.

Verification and Approval :The EPFO will verify the submitted application and documents. Upon successful verification, a PF registration certificate containing the unique PF code will be issued to the establishment.

Steps Required for esi registration

Monthly Contribution Calculation :Calculate the monthly PF contributions payable by both the employer and employees based on the applicable PF rate (currently 12% of basic wages, dearness allowance, and retaining allowance).

Generation of Challan :Generate the monthly PF challan online through the EPFO's Unified Portal. The challan contains details of PF contributions, administrative charges, and other dues payable to the EPFO.

Payment of PF Contributions :Make the payment of PF contributions along with the administrative charges before the due date specified by the EPFO.

Preparation of PF Return :Prepare the PF return by compiling the details of PF contributions, withdrawals, transfers, and other transactions for the respective month.

Online Submission :Log in to the EPFO's Unified Portal and submit the PF return online within the stipulated due date.

Verification and Acknowledgment :The EPFO will verify the submitted PF return and provide an acknowledgment confirming the successful filing of the return.

IMPORTANCE OF PF REGISTRATION AND RETURN FILING

Legal Compliance :PF registration and return filing are mandatory legal requirements prescribed under the EPF Act, 1952. Compliance ensures adherence to statutory norms and avoids legal penalties or repercussions.

Employee Welfare :PF registration enables employees to build a corpus for their retirement years, thereby ensuring financial security and stability. Timely return filing ensures transparency and accuracy in PF transactions, safeguarding the interests of employees.

Employer Accountability :PF registration and return filing demonstrate the employer's commitment to employee welfare and regulatory compliance. It fosters transparency and accountability in PF management, enhancing the employer's reputation and credibility.

DOCUMENTS REQUIRED FOR REGISTRATION

  • Identity Proof of Employer :
    • PAN Card of the establishment or company.
    • Aadhaar Card or Passport of the authorized signatory.
  • Address Proof of Employer : Address proof of the establishment or company (e.g., electricity bill, telephone bill, rent agreement, property tax receipt).
  • Certificate of Incorporation : For companies, a copy of the Certificate of Incorporation issued by the Registrar of Companies (RoC).
  • Partnership Deed : For partnership firms, a copy of the Partnership Deed.
  • Memorandum of Association (MOA) and Articles of Association (AOA) : For Limited Liability Partnerships (LLPs), copies of the MOA and AOA are required.
  • Bank Details : Bank account details of the establishment, including the bank name, branch, account number, and IFSC code.
  • List of Employees : Details of all employees, including their names, addresses, salaries, joining dates, and Aadhaar numbers.
  • Salary Details : Salary structure of employees, including basic wages, dearness allowance (DA), house rent allowance (HRA), and any other allowances.
  • Digital Signature Certificate (DSC) : DSC of the authorized signatory for digitally signing the PF registration application and related documents.
  • Letter of Authorization : Authorization letter from the employer authorizing the signatory to act on behalf of the establishment for PF registration.

ELIGIBILITY

Registration for PF / ESI is compulsory for the companies / organizations who employ more than 20 individuals. Also, small organizations which do not have the minimum strength can register themselves voluntarily. Organizations which grow to a strength of 20 members are expected to register themselves within one month of attaining the minimum strength.

Due Dates

Payments: 15th of every month

Returns: 25th of every month

Process

A detailed application

A detailed application form called 'Performa of coverage' and form 5A with Annexure 1 has to filled while registering the company online.

After that, a temporary PF registration number allotted

After that, a temporary PF registration number allotted, and an employer has to submit all concerning documents online.

After that, the PF authorities carry out

After that, the PF authorities carry out an inspection of the premises and verify the documents submitted online.

Once they are satisfie

Once they are satisfie, a PF allotment letter will grant.

Frequently Asked Questions

Can I opt out of EPF scheme?

Yes, you can opt out of EPF scheme if your monthly salary (basic+DA) is more than 15,000, but you have to decide it before becoming the member of EPF. Once you become a PF member, you can’t leave it till you are in the job.

Yes you can join EPF any time before the retirement. There is no such restriction.

It is not possible without the employer. The contribution towards employer is the must for EPF.

No, Every new employee gets the Universal Account Number. This number is portable and works with any job. You can quote the existing UAN to the new employer. It will make your PF membership portable. The PF balance from the previous company also gets transferred through the UAN.

  • Today, EPFO asks UAN for every interaction with it. EPF membership, transfer, withdrawal and even complaint can’t be lodged without the UAN.
  • Normally, the EPFO issues UAN for all of the active members. The employers have to distribute this number to its employees. But, an employee can also check its UAN status through the UAN portal. It requires the PF member ID to reveal the UAN.
  • Besides this one can get UAN even before getting the job. This UAN can be mentioned at the time of joining a job.

  • The EPF is constituted mainly for the low income worker. This class of worker is not very aware about the retirement saving. This forced saving builds a decent retirement corpus. Therefore, people who earns more than Rs 15000/month are free to opt out of EPF.
  • However, the terms and condition of EPF make it restricted saving. Because of the restriction, this saving lasts till the retirement. Whereas, other saving can be spent before the retirement. Also, the EPF investment is very secure and cheap saving plan.

Minimum 10 years eligible service will entitle for member pension

Yes. It gets transferred automatically along with the EPF.

Yes, an EPF member can increase his EPF contribution up to the 100% of the salary. But an employer is not bound to match the amount beyond 12%. Also, if an employer increases its contribution beyond 12%, the additional amount would be taxable.

If an employer is not signing the EPF withdrawal application. You have two ways to proceed.

  • Use the new for of EPF withdrawal and submit it directly to the regional EPF office. For this method, you should have activated UAN and approved KYC.
  • Fill the EPF withdrawal form yourself and get it attested from the gazetted office or bank manager.

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