PF Registration Process

PF Registration 

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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 that have more than 20 employees. 

Eligibility for EPF Registration for Indian employers

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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.

Benefits of PF Registration Online

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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.

Steps covered under ESIC Registration Process

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• Collect relevant employee data and documents.
• Establishment Registered with EPFO.
• Register DSC (Digital Signature Certificate) of the Employer.
• Fill application with all employer details.
• Submit verified form
• Get PF registration certificate & Universal Account Number [UAN]

Documents required for PF Registration

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Any business that wishes to apply for PF needs to submit the following documents:

• PAN card of establishment
• Certificate of incorporation
• Cross cancelled cheque of establishment
• Address proof that is in the name of the establishment. It can be:
  • Rent agreement
  • Water
  • Electricity
  • Telephone bill
• Specimen signature of directors and authorized signatories
• Digital signature of the authorized applicant
• In case of voluntary registration, consent of majority of employees

In some entities the underlying may also be needed:

• First sale bill
• First purchase bill of raw material and machinery
• GST Registration Certificate
• Bankers details
• Record of a monthly employee strength
• Register of salary and wages