EPF Registration

Employees Provident Fund (EPF) is a scheme that is regulated by the Employees’ Provident Fund Organisation (EPFO) and it was introduced due to the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The work culture today depends on the welfare of employees, with employers scrambling to ensure their employees are entitled to the best care and benefits. An Employee Provident Fund is an initiative designed to offer social security benefits to employees of a particular organization, building stronger employee-employer bonds. In order to enjoy these benefits to the hilt, employers need to follow a set of rules and guidelines laid out, with registration forming the first step.

Companies which grow to a strength of 20 members are expected to register themselves within one month from the time of attaining this strength, with penalties applicable for delays in registration. Co-operative societies are expected to register if their employee strength increases to 50 or more and registered organizations continue to be under the purview of the rules and regulations of the Act even if their employee strength falls below the minimum specified number.

Our Company Registration package includes the following:

  • DSC for one director and DIN for up to three directors
  • Drafting of MoA & AoA
  • Registration fees and stamp duty
  • Company Incorporation Certificate

The Central Government can make it compulsory for organisations with less than 20 employees to contribute towards EPF by giving them two months’ notice. Organisations with less than 20 employees can also contribute towards EPF on a voluntary basis. The employee and the employer each contribute 12% of the employee’s basic salary towards EPF. In case the organisation has less than 20 employees, the employer’s contribution is 10%.

Universal Account Number or UAN

Universal Account Number is a 12-digit number, every employer contributing to EPF has. The Employee Provident Fund Organisation (EPFO) allots it. UAN of an employee remains same throughout life irrespective of the number of job he/she changes. Every time an employee switches job, EPFO allots a new member identification number (ID), which will be linked to the UAN. You can put in a request for this new member ID by submitting the UAN to the new employer. Once the member ID is created, it gets linked to the UAN of the employee.

Advantages of UAN to employees
  • Every new PF account with a new job will come under the umbrella of a single unified account.
  • It is easier to withdraw (fully or partially) PF online with this number.
  • Now the employees themselves can transfer PF balance from old to new using this unique account number.
  • Any time you want a PF statement (visa purpose, loan security etc.), you can download one instantly – either by logging in using member ID or UAN or by sending an SMS.
  • There will be no need for new employers to validate your profile if the UAN is already Aadhaar and KYC-verified.
  • UAN ensures that employers cannot access or withhold the PF money of their employees.
Documents required to open UAN
  • If you have just entered your first job or first job in a registered company, you require the following documents to get your Unique Account Number.
  • ID Proof – Any photo-affixed and national identity card like Driving License, Passport, Voter ID, Aadhaar, SSLC Book
  • Address Proof: A recent utility bill in your name, rental/lease agreement, ration card or any of the ID proof mentioned above if it has your current address
  • PAN card – Your PAN Number should be linked to UAN
  • Aadhaar Card – SInce, Aadhaar is linked to bank account and mobile number, it is mandatory
  • ESIC card
Eligibility for EPF Registration

To be eligible for PF Registration, an organization has to fulfill the following criteria:

  • A factory that has 20 or more people.
  • An establishment that employs more than 20 persons. Here, the Central Government defines the class of such firms.
  • An establishment that has less than 20 workers and has been notified of compulsory registration for not less than 2 months
  • The employer and the employees of an establishment mutually agree to apply for PF to the Central PF Commissioner. A notice has to be sent to the Official Gazette from the date of the agreement.
  • An establishment can also opt for voluntary registration if the employee count is less than 20. Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employer’s..
EPF Registration Procedure

For EPF Registration procedure, an employer can choose to register either offline or online, with the online option being the preferred mode for registration today. The registration form can be downloaded from the website of the Employees’ Provident Fund Organization (EPFO). Employers need to provide the following details to successfully register themselves.

  • Name and address of company.
  • Head office and branch details
  • Mention date of incorporation/registration of company
  • Fill up details of employees – total employee strength
  • Activity the business/enterprise is involved in – i.e. manufacturing, production, service, etc.
  • Legal details – This pertains to legal status of a company, i.e. whether it is a private firm/public company, partnership or society, etc..
  • Owner details, including designation and address of Directors and partners
  • Particulars related to wage component of employees, i.e. total wage disbursed during a month
  • Details of bank with whom company has banking relationship
  • PAN details
  • PAN detailsBasic details of employee (name, date of joining, salary, etc.)
Benefits of PF Registration
  • PENSION COVERAGE

    Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.

  • COVER OF RISK

    In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.

  • SINGLE ACCOUNT

    The PF account can be transferred while switching employments. It can be carried forward instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.

  • EMERGENCY FUND

    Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses.

  • EMPLOYEE DEPOSIT LINKED INSURANCE SCHEME

    Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.

  • EXTENDED GOALS

    The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.

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TaxFillingIndia: Legal Information for Indian businesses

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