Employees Provident Fund sign-up For Employers

Employees Provident Fund [EPF] refers to a contribution or scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is control or regulated under the scope or horizon of Employees’ Provident Fund Organisation implied is one of the enormous Social Security Organizations in restriction of an establishment and the volume of financial transactions guarantee. Fundamentally, Employees Provident Fund is generally like an advantage to an employee during the retirement prepared by the organization.

Applicability of Employees Provident Fund sign-up for Employers/clientele

Employees Provident Fund sign-up is compulsory for all establishments-

* Which are a factory precipitate in any manufacturing industry having 20 or more persons, and

* To any other establishment hiring more than 20 people or class of such establishments which the dimension of Government may, by information specify in this behalf.

Central Government may apply any establishment hiring less than 20 employees after giving not less than two months’ notice for mandatory registration

Where the employer and more than 50percent of employees have stipulated that the provisions for the establishment, they may themselves submit to the Central Provident Fund Commissioner. The Central Provident Fund Commissioner may submit the provisions of this Act to that establishment after approving the notification in the authorized Gazette from the date of the kind of settlements or any subsequent date specified in the agreement.

Most of the establishments having less than 20 employees would also be asked to obtain Provident Fund registration, but that is voluntary registration. All the employees will be worthy for a Provident Fund from the commencement of their employment, and the authority of deduction & payment of Provident Fund lies with the employer.

The Provident Fund contribution of 12% is divided equally between the employer and employee. The employer’s contribution is 12% of fundamental wages plus dearness authorization plus capturing allowance. If the establishment has employed less than 20 employees, Provident Fund deduction rate will be 10%.

Steps For Employees Provident Fund Registration for Employers

The person needs to follow the under mentioned steps given below

Step 1- sign-up the organization with Employees provident fund

Visit the website and register the organization with Employees Provident Fund Organisation. In the home page of the Unified portal, there is an option called “ESTABLISHMENT REGISTRATION.”

Step 2: Read the User Guide

Click on the “ESTABLISHMENT REGISTRATION,” and it will take you to the next page where you will get an “INSTRUCTION MANUAL.” A new user should download and read the instruction handbook completely before the registration process.

Step 3: Register Digital Signature Certificate

The employers who are already registered can sign-in with their Documentary evidence, i.e., with the Universal Account Number [UAN] and password. This instruction handbook will elaborate the process of Employer Registration which is to be followed by registration of the Digital Signature Certificate of the Employer. Obtaining Digital Signature Certificate registered is a pre-requisite to submitting a fresh application or petition for Employer Registration fund registration.

Step 4: Fill the Employer’s Details

Tick on “I have read the instruction manual” completely. Click on “REGISTER BUTTON” given below. This will lead you to the next page where all the employer’s details need to be registered in. The fields marked with the red star (asterisk) are compulsory or mandatory to be filled in.

Step 5: Enter the details correctly

Your First Name: The first name, middle name and last name should be entered exactly as equipped to the Income Tax Department. Any discrepancy in the name of the Income Tax Department may lead to decline as and when data is confirmed online.

Employer PAN: After filling & entering the employer’s PAN, a message will appear that shows employer is not enrolled or registered previously. PAN will also be verified like name, and an online application will be authorized or premiered.

User Name: One can select or choose the username of its preference. It will automatically appear on the system if the same username is available or not.

Hint Question/ Answer: One can select or choose the hint question and hint answer of its choice or preference which will be assistance to the person in case one forgets the password. After filling up this, the registration process gets completely, and you need to enter the CAPTCHA Code (Characters are shown in the image) then press on the GET PIN button.

Mobile PIN: The person will receive the PIN on the same mobile number with which you registered and then click on “I promise or agree to the above declaration “ If you have any questions about tax or finance you need help with?

Activate E-mail address: An e-mail link will be sent to the given e-mail identity which is to be activated and to enable the submission of an application for online registration of Establishment.

Documents Required or Needed For Employees Provident Fund Registration

The list of documents needed for Provident Fund registration would vary as per the type of entity who desires to register themselves which are as follows

 

Proprietorship Firms Society/Trust Partnership or associated Firms Company Employees
Name of the applicant’s Incorporation

Certificate

Registration Firms Certificate Incorporation Certificate Name

Father’s Name

Date joined

PAN Card. MOA and Bye-Laws Deed of partnership ID proof of Directors Date of birth

Mobile number

Postal address

Proof of identity – Passport/Driving license/Voter Card. Pan card number Partners proof of id – Passport/Driving license/Voter Card DSC of Director Name of nominee

Grade

Salary

Premises proof of address president & members

Address

ID Proof

 

List of all partners with

Address

ID Proof

Directors list with

Address

ID Proof

Designation

Proof of Id (PAN Card/Aadhaar Card/)

Bank Account number with IFSC code

residential address proof

Mobile number

MOA, AOA Voluntary application

employee details

Signature

Agreement date

For All Other Entities

  • First exchange bill.
  • First purchase bill of machinery and raw materials.
  • GST Registration Certificate, if registered
  • Bankers details- address, name, branch, IFSC code
  • Record of the monthly strength of the number of employees.
  • Register of wages and salary, all vouchers, all balance sheets from the first day to the current date of provisional coverage.
  • Salary and Provident Fund Statement.
  • Cross canceled cheque.

Conclusion

Till the financial year 2017-18, the Employees Provident Fund interest rate is fixed at 8.55 percent. Regarding returns from a debt instrument, Employees Provident Fund certainly is a decent rate. The money is supported by the government and the interest earned is tax-free. It enjoys the Exempt, Exempt, Exempt known as (EEE)status as contributions are deducted from income.

It’s rare to see any debt product that earns such high return with assurance and safety. Therefore, it’s advisable to transfer the Provident Fund account when switching or changing jobs and don’t fall into the trap of withdrawing or remove the amount/sum.

 

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