EPF Registration Services
- Limited Liability
- Fast & Easy Setup
- Lifetime Support
- Separate Legal Entity
Google Customer Rating
Get Expert Consultation
EPF Registration Services
- EPF Registration: Government Mandate for Employees' Provident Fund
- EPF Registration Process: Timely Application Guidelines
- Required Documents for EPF Registration
- Who is Eligible for PF?
- Amount of PF Contribution
- Employees Pension Scheme
- The breakdown of the PF contribution is as follows:
- Here's a breakdown of the EPF charges:
EPF Registration: Government Mandate for Employees' Provident Fund
The Employees’ Provident Fund, governed by the Provident Funds and Miscellaneous Provisions Act, 1952, is a scheme for Indian employees. EPF is administered by the Employees Provident Fund Organization (EPFO). Companies with 20 or more employees can apply for PF registration, with exceptions for smaller establishments. Upon retirement or resignation, employees receive a sum comprising both self and employer contributions with interest.
EPF Registration Process: Timely Application Guidelines
The EPF registration process should commence within one month of reaching the requisite employee count. Failure to adhere to this timeline can lead to compliance issues and hefty penalties imposed by the Government. Delays in PF registration may trigger audits, necessitating comprehensive employee data.
Employers and employees can mutually opt for EPF applicability, facilitating registration with the Central PF Commissioner through formal agreement. Even organizations with fewer than 20 employees may voluntarily seek PF registration, ensuring eligibility for PF benefits from employment commencement. Both employer and employee contribute 12% of the basic salary towards EPF, with a reduced deduction rate of 10% for entities employing less than 20 individuals.
Required Documents for EPF Registration
- Company Name
- Establishment Commencement Date
- Scanned Copy of Company’s PAN
- Licenses in Company’s Name (Scanned)
- GST Registration Certificate
- Scanned Copy of Company Bank Account Cheque
- Company Address with Address Proof
- List of Directors/Partners
- Residence Proof of Proprietor/Director/Partner
- Contact Information (Phone Number, Email) of Proprietor/Director/Partner
- Monthly Employee Strength Since Establishment
- Employee Details: Name, Father’s Name, Joining Date, DOB, Mobile Number, Address, Nominee Name, Grade, Salary, Designation, ID Proof
- Company Bank Account Number with IFSC Code
- Digital Signature of Proprietor/Director/Partner
- Copies of First Sale Invoice/Job Work Invoice and First Purchase Invoice.
Who is Eligible for PF?
Eligibility for PF membership is mandatory for employees earning less than Rs 15,000 monthly. Employees with a basic pay exceeding Rs 15,000 monthly upon joining are not required to contribute to PF. However, they can still join and contribute with employer and PF Commissioner approval.
Amount of PF Contribution
The employer’s PF contribution is 12% of the basic salary, dearness allowance, and retaining allowance combined. Employees also contribute an equal amount. However, in establishments with fewer than 20 employees or meeting specific criteria, both contributions are limited to 10%. For private sector employees, the contribution is typically based on the basic salary.
Employees Pension Scheme
From the employer’s contribution, 8.33% is allocated to the Employees’ Pension Scheme (EPS), capped at Rs 15,000. For employees with a basic pay of Rs 15,000 or more, the EPS contribution is Rs. 1250. If the basic pay is below Rs 15000, 8.33% of that amount is directed to EPS, with the remaining retained in the EPF scheme. Upon retirement, the employee receives their entire share along with the employer’s balance reserved in the EPF account.
The breakdown of the PF contribution is as follows:
- 3.67% for Employees’ Provident Fund
- 1.1% for EPF Administration Charges
- 0.5% for Employees’ Deposit Linked Insurance
- 0.01% for EDLI Administration Charges
- 8.33% for Employees’ Pension Scheme
Here's a breakdown of the EPF charges:
- Employee Share, Pension Contribution, and EDLI Contribution are rounded to the nearest rupee.
- The Employer Share is the difference between the Employee Share (as per statute) and Pension Contribution.
- Monthly payable amount liable to EPF Administrative charges is rounded to the nearest rupee, with a minimum of Rs. 500/- payable. If there are no members in the month, the minimum administrative charge will be Rs. 75/-.
- Monthly payable amount under EDLI Administrative charges is rounded to the nearest rupee, with a minimum of Rs. 200/- payable. If there are no members in the month, the minimum administrative charge will be Rs. 25/-.
- If the establishment is exempted from the PF Scheme, Inspection charges @0.18% with a minimum of Rs. 5/- are payable in place of Admin charges.
- If the establishment is exempted under the EDLI Scheme, Inspection charges @ 0.005% with a minimum of Re. 1/- are payable in place of Admin charges.
Get Expert Consultation
Why Choose V-register?
- Choosing V-register for startups offers numerous advantages. With a simplified registration process, startups can easily navigate the legal requirements of registering their businesses. Expert guidance is provided every step of the way, ensuring clarity and compliance.
- V-register's cost-effective solutions cater to startups' budgets, providing comprehensive services from registration to compliance, including company formation, licensing, and tax registration.
- The reliable support offered addresses any queries promptly, while transparent pricing ensures no hidden fees. With a fast turnaround time, startups can swiftly establish their businesses and focus on growth with confidence in V-register's assistance.
