EPF Registration: Everything about Employee Provident Fund
A Provident fund is a compulsory, government managed retirement savings scheme. The employees that work in companies give a certain amount from their salaries which get deposited as provident fund and are known as employee provident fund. EPF Registration is crucial for employers that have more than 20 employees in their organization.
Employee Provident Fund Organization (EPFO) is the regulatory body that regulates all provisions with regards to EPF Registration.
Employee Provident Fund has many advantages, some of which will be talked about in this section.
All the employees are eligible for Employee Provident Fund (EPF) from the date in which they join the company. They are eligible for employee insurance and pension.
An EPF (employee provident fund) account is made up of the following
Currently, the contributions that are compulsory are calculated at 12% of Basic + DA. Moreover, there are certain restrictions with regards to EPF contributions; it does not apply when:
EPF can be registered online by following the steps mentioned by the Government. The steps are as mentioned below:
The individual interested in obtaining an EPF Registration must go on the website and select the option “Establishment Registration”. He must complete all details such as name of the establishment, address of the establishment, PAN of the employer etc.
Verification through OTP
The applicant then receives an OTP which he must enter to verify his email address.
The applicant must now login with his email address and password after his credentials have been verified. He must then complete all the other details that are required.
After completing the establishment registration, the applicant must register for Digital Signature Certificate (DSC).
The applicant receives the certificate of registration after he completes all the steps.
KYC of employees
The KYC of all the employees who are working in the company must be updated. Significant details such as their bank statement and Aadhar card must be uploaded by the applicant.
Certain documents that are required by the applicant for successfully registering their company for EPF must be prepared and submitted to the authority.
Documents required for EPF Registration are as mentioned below:
What are some compliances regarding EPF Registration?
Employee Provident Fund (EPF) is mandatory for all companies that have more than 20 employees working in the company for certain durations. EPF Registration must be undertaken by the company and ensure that employees benefit from the provident fund scheme.
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