About PF Registration
Provident Fund is a type of retirement savings scheme wherein the employee contributes part of his monthly income towards this pension fund. Over time this amount gets accumulated and a part of it can be withdrawn immediately after retiring from the employment and rest can be availed in the form of monthly pension.
PF applicability has been widened by the recent High court judgement on the definition of factory, which forced a major chunk of establishments into the ambit of EPFO and MP act 1952. Besides, the definition of salary has also been explained in the recent Supreme Court ruling clearing the confusion persisting for all these years. We help you in keeping abreast of all these updates and deliver 100% compliance on all PF related aspects.
All establishments employing 20 or more persons are mandated to get registered under the EPF and MP act 1952. Establishments also can go for voluntary registration in cases where the employee count has not reached 20 persons as per the act.
Any establishment once gets registered continues to be governed by the act despite the fall in the strength of the staff being employed than the mandatory limit.
The employer must obtain the registration within one month of attaining the mandatory strength of 20. In case of failure to register, the establishment may face penalties as applicable.
- Collection of requisite details of the establishment
- Registration under EPFO & MP act 1952
- Generation of UAN for un registered employees
- Linking of UAN of already registered Employees
- Linking of DSC/E Sign with PF portal for approvals
Frequently Asked Questions
- Attracts Talent: Employee provident fund is a type of Social Security scheme for employees. Getting registered under the same will enable the establishment to attract best available talent
- Motivates Employees: Contributing certain proportion of money by employer on a monthly basis towards the social welfare of employee will motivate her/him to perform more and will aid in the general growth of organisation
- Statutory Compliance: Getting registered will ensure statutory compliance and avoid unnecessary penal actions and penalties by the law enforcement agencies
- Emergency fund: Regular contribution over a period of time will amass money which can be used for emergency medical needs, Purchase of residential property, education of children etc.
- Pension post retirement: EPF contribution includes EPS which enables the employee receives pension post retirement. This will provide social security thus making the employee financially independent
- Nominee advantage: In case of demise of the employee, the nominee gets the full rights of the funds accumulated
It is the responsibility of the employer to get his/her establishment registered under EPF. Registration can be done online. PF Portal will guide with necessary inputs like address, name, KYC details of Owners/Directors etc, which has to be uploaded in the portal. Besides employer has to submit other requisite documentation along with DSC registration in the portal.
Set my biz will send you a questionnaire along with the necessary documents that are required for registration
Generation of PF registration number, LIN number, generation of UAN for individual employees and linking their existing UAN will take three days provided all the documents are ready.
Employer and employee need to contribute 12% of the salary towards the PF fund. Besides this, the employer has to bear admin. charges which is around 0.5% of the PF wages.
It is mandatory for an employee to join the EPF scheme if the salary is equal or below Rs.15,000. Those employees whose pay is more than Rs. 15,000 have the option to join.
Due date to file the PF returns falls on 15th day of succeeding month.
No, once the scheme becomes applicable to the establishment it stays that way throughout the life of it despite fall in the count of employees below the mandatory count.