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Provident Fund Registration India Packages

STANDARD

₹ 5999/- (All Inclusive)
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  • PF Registration (employees less than 25)

ENHANCED

₹ 8999/- (All Inclusive)
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  • Everything in STANDARD+
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PREMIUM

₹ 12999/- (All Inclusive)
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  • Everything in ENHANCED +
  • ESI Registration

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Provident Fund Registration India

PF Registration (also known as Provident Fund Registration) is an important legal requirement for companies doing business in India. It is governed by the Employee Provident Fund and Miscellaneous Act 1952 and is administered by the Employee Provident Fund Organization (EPFO). PF registration ensures that workers receive financial security and retirement benefits while employers fulfill their responsibilities to their employees.The Provident Fund (PF) is a social security scheme that aims to provide employees with financial security after retirement. This is a mandatory contribution plan in which both the employer and the employee make regular contributions to the employee’s retirement savings account. Accumulated funds over time are multiplied by accrual of interest, allowing employees to build capital that can support their retirement lives.

 

PF registration is mandatory for establishments with 20 or more employees. This threshold applies to both private and public sector organizations including factories, businesses, educational institutions, hospitals and other institutions engaged in economic activity. However, companies with fewer than 20 employees can voluntarily enroll in the scheme

Who are eligible for PF Registration

Eligibility to apply for Provident Fund (PF) registration in INDIA is governed by the policies of the Employee Provident Fund Organization (EPFO). General criteria for eligibility include

Company size

PF registration is mandatory for establishments with 20 or more employees. This includes both permanent and contract employees. If a facility meets the minimum employment requirements, it is eligible for PF registration.

Type of place of business

The PF system includes organizations from various sectors, including private companies, government agencies, educational institutions, and non-profit organizations. Any type of establishment can apply for PF registration as long as it meets the minimum personnel requirements.

Employee status

All employees, including Indian nationals and foreign nationals, are eligible to enroll in the PF program if they meet the criteria set by EPFO. Both regular employees, contract employees, and trainees are eligible for PF registration.

It is important to note that the PF registration is mandatory for eligible entities. Failure to follow the PF system may result in penalties and legal liability. Therefore, employers must ensure timely registration and compliance with her PF policy in order to provide social security benefits to their employees. 

Detailed Procedure

Detailed steps for PF registration in INDIA

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Obtain a digital signature certificate (DSC)
- The first step is to obtain a valid Digital Signature Certificate (DSC) required for online submission of the PF registration form. - To apply for a DSC, please contact an accredited certification body. - Provide the required documents and complete the authorization process. - Once the DSC is issued, it can be used for online transactions related to PF registration.
Create a PF account for your employer
- EPFO Integrated Portal (https://unifiedportal-epfo.epfindia.gov.in/) and click on the Facility Registration link. - Select the 'Sign up' option to create an employer account. - Provide the required details such as name, address, facility type and facility contact information. - Verify your account with a one-time password (OTP) received on your registered mobile number.
Complete Form 5A
- Log in to your employer account on the EPFO Integrated Portal. - Go to the Facility Registration section and click New Facility Registration. - Complete Form 5A with details including facility name, address, business type, bank account information and other relevant information. - Upload required documents: Copy of PAN card and proof of facility address.
Provide employee information
- Enter employee information after submitting Form 5A. - Complete form 11 which requires employee information such as name, Aadhaar number, date of birth and bank account details. - Ensure that accurate and complete information is provided to all employees.
Generate challans for the PF post
Once information about an employee is available, the employer can submit a request for payment of her PF contributions. - Log in to your employer account on the EPFO Integrated Portal. - Go to the Payments section and click Challan. - Enter the required details such as company details, number of employees and applicable wage details. - Check details and generate charan.
Pay the PF Contribution
- Pay the PF contribution within the deadline indicated on the generated challan. - Choose a preferred payment method offered by EPFO: Online banking or bank transfer. - Ensure contributions include both employee and employer contributions. - Please keep your payment confirmation details for future reference.
Review and Approval
After completing the payment, the PF registration application will go through a verification process by EPFO officers. EPFO can contact employers and conduct inspections if necessary. ・When the authentication is completed, the PF registration application will be approved.
Assignment of PF Codes
Once approved, EPFO will assign her PF code number unique to the facility. - The PF code is essential for all her PF related transactions and should be made available to the employee to manage her PF account.
Compliance and Reporting
-Once the PF registration is complete, the employer must follow the rules and regulations of her PF scheme. - Regularly deposit employee and employer shares into her PF account within specified deadlines. -Keep proper records and file necessary reports, declarations and declarations with her EPFO as required.

Documents Checklist

Document checklist for PF registration in INDIA

Digital Signature Certificate (DSC)

  • A valid digitally signed certificate obtained from a licensed certificate authority

Foundation Documents

  • A copy of the institution's PAN card.
  • Proof of branch address (utility bill, rental agreement, etc.). - Certificate of Incorporation (for corporations) or Partnership Deed/LLP Agreement (for partnership corporations or LLPs).

Employee Documents

  • Copies of her Aadhaar cards for all staff.
  • Proof of employee's date of birth (e.g. birth certificate, school diploma, etc.).
  • Employee bank account details (including bank name, branch and account number).

Bank Account Details

  • A copy of the canceled check or the first page of your financial institution's savings book

Other relevant documents

  • A copy of the current payroll/payroll register.
  • A copy of the attendee list.
  • A copy of the employee directory (which contains employee details such as name, title, hire date, etc.).
  • Any other documents he requests by EPFO or relevant authorities during the verification process.

Merits of PF registration

Retirement allowance policy

A PF enrollment ensures that employees have the security of their retirement funds. Regular contributions from employers and employees accumulate over time to form a substantial body that can provide financial support after retirement.

Tax savings

Tax incentives apply to PF contributions under section 80C of the Income Tax Act. Both employer and employee contributions are tax-free up to certain limits. This reduces the tax liability of both sides, increases the net wages of employees, and reduces the tax burden on employers.

Long term savings

Enrollment in PF promotes a culture of long-term savings among employees. By systematically deducting a portion of your salary as a PF contribution, we encourage individuals to save for future needs and financial goals. This helps them achieve financial stability and cover costs such as child care, buying a home, and emergency medical care.

Employee Benefits

PF registration demonstrates an employer's commitment to employee well-being and financial security. This enhances the overall employee benefits package and improves job satisfaction. Employees feel valued and motivated, resulting in increased loyalty and retention within the company.

Payments and credits

PF enrollment allows the employee to access her accumulated PF balance as needed. You can withdraw part or all of your PF amount for specific purposes such as buying or building a home, medical care, education, or marriage expenses. In addition, employees can obtain loans at reasonable interest rates on their PF balances.

Nomination and Family Safety

Employees can nominate family members to receive pension fund balances in the event of their premature death. This provides financial support and security to the families of employees during difficult times.

FAQ's

PF registration, also known as Provident Fund registration, is the process of enrolling an establishment under the Employees’ Provident Fund (EPF) scheme in India. It ensures that both employers and employees contribute to a fund that provides financial security and retirement benefits.

All establishments with 20 or more employees are required to register for PF in India. It includes both private and public sector organizations, as well as certain establishments with fewer than 20 employees, based on specific criteria and applicable laws.

To register for PF in India, an establishment needs to submit Form 5A, along with supporting documents, to the regional EPF office. The form captures details about the establishment, such as name, address, nature of business, and bank account information. It should be submitted within 15 days of becoming eligible for PF registration.

The documents required for PF registration in India include the establishment’s PAN card copy, address proof, incorporation certificate (for companies), partnership deed (for partnership firms), bank account details, and other relevant documents as specified by the EPFO.

PF registration offers various benefits, including retirement security, tax savings under Section 80C, long-term savings, employee welfare, withdrawal and loan facilities, family security through nomination, social security benefits, and enhanced credibility for employers.

The current contribution rate for PF in India is 12% of the employee’s basic salary and dearness allowance, with a matching contribution from the employer. However, in certain cases, the contribution rate may vary based on the establishment’s classification or government regulations.

Under certain circumstances, an establishment can be exempted from PF registration if it has an approved alternate pension or provident fund scheme that provides similar or better benefits. Exemptions are granted by the EPFO based on specific criteria and compliance with relevant regulations.

Yes, employees can withdraw their PF balance before retirement under specific conditions, such as unemployment for a continuous period of two months, medical emergencies, higher education, marriage expenses, or home loan repayment. Partial withdrawals and loans are also available based on eligibility and EPFO guidelines.

PF registration is mandatory for establishments meeting the minimum employee threshold. However, for employees, participation in the PF scheme is optional if their basic salary and dearness allowance do not exceed the prescribed limit (currently ₹15,000 per month).

Non-compliance with PF registration can result in penalties, fines, and legal actions against the establishment. The EPFO has the authority to conduct inspections, impose penalties, and take necessary legal steps to ensure compliance with the PF scheme.

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