PF REGISTRATION

Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits.

Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund. EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for organizations with total employee strength more than 20. Such employers can opt for online PF registration from Prismcube.

If an employer fails to get EPF employer registration, or indulges in false representation of facts to avoid PF payment, he shall be liable for a penalty of INR 5,000/-.

WHEN IS PF REGISTRATION FOR EMPLOYER MANDATORY?
PF registration for Employer is compulsory if:-

a. He owns a factory having 20 or more people, or
b. Any other organization / foundation with 20 or more employees or
c. The class of such organizations whom the Central Government may, by notice would specify for compulsory EPF employer registration.

WHAT ARE THE BENEFITS OF EPF REGISTARTION ?
Given below are the benefits of getting EPF registration:

Risk coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
Uniform account: One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.
Employee Deposit Linked Insurance Scheme: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
Long-term goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
Emergency needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.
Covers pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).

DOCUMENTS REQUIRED FOR PF REGISTRATION

Employers need to furnish the following details to get PF registration.
    
      1. Name & address of your company  
      2. Head office & branch details
      3. Date of company incorporation
      4. Total employee strength
      5. Type of business activity
      6. Nature of business.
      7. Director/partners’ details
      8. Employee’s Basic details
      9. Employees’ salary details
      10. Bank account details of the company
      11. PAN card