PF Registration – For Employers
The Employees Provident Fund (EPF) is an Employee Provident Fund and a Scheme governed by Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of the Employees Provident Fund Organization (EPFO). PF registration is applicable to all establishments which employ 20 or more persons. Even PF registrations can be obtained voluntarily by establishments having less than 20 employees.
PF contribution paid by the employer is 6% (basic salary + dearness allowance + maintenance allowance). An equal contribution is paid by the employee. In the case of establishments, which include less than 20 employees or meet certain other conditions, according to the EPFO rules, the contribution rate for both employee and employer is limited to 10%. For most employees working in the private sector, this is the basic salary on which the contribution is calculated.
It is mandatory that the staff should draw less than Rs. 15,000 per month to become a member of the EPF. According to the guidelines in the EPF, the employee whose ‘basic salary’ is about Rs. More than 15,000 per month at the time of joining, PF contribution is not required. However, an employee who is drawing a salary of more than Rs 15,000, can still become a member and can contribute PF with the employer’s consent.
Important Aspects related to PF Registration
Provident fund returns should be filed every month through PF registration. PF returns every month on the 25th of every month. In addition, the last PF return is payable on April 25 for the year ending March 31.
The provident fund (PF) payments are due on 15th of every month. The employer must submit 12% or 10% of the total salary of the employee before or before this date to the PF. For most institutions, the PF rate of 12% will be applicable.
The Employees Provident Fund has launched integrated portal for streamlining and simplifying all aspects of provident fund for both employers and employees. The employees who are allocated UAN can use integrated portal for various services.
In order to improve the ease of doing business, all services related to payment of PF registration, PF return filing and PF contributions have been provided online through an integrated portal.
Those employees who have contributed to PF can apply for a variety of reasons by applying to the Unified Portal and withdraw money in their PF account. PF can be obtained for home buying, medical reasons, marriage or family members education.
How do we help in PF Registration
eMindsCA.com can help you obtain PF registration within 5 to 10 days subject to government and customer processing time.
Got the question Request a call from eMindsCA.com Business Advisor.
eMindsCA.com Specialists will discuss your business needs and will collect relevant employee data and documents to begin the process to apply for PF registration.
The PF registration application will be submitted for the organization in the prescribed format.
eMindsCA.com Expert will provide a PF registration number for your business and a UAN number for your employees.
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