PF Registration
The Employees Provident Fund (EPF) is a program established under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. It operates under the supervision of the Employees’ Provident Fund Organisation (EPFO), which ranks among the largest social security organizations globally, both in terms of its client base and the scale of financial transactions conducted.
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PF Registration
– An Overview
The Employees Provident Fund (EPF) operates under the framework established by the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. It is overseen by the Employees’ Provident Fund Organisation (EPFO). Registration for the Provident Fund is mandatory for all establishments employing 20 or more individuals, although there are specific conditions and exemptions that may apply even for those with fewer than 20 employees. Within the EPF scheme, employees are required to contribute a designated amount, which is matched by an equivalent contribution from the employer. Upon retirement or resignation, the employee receives a cumulative sum that includes both their own contributions and those made by the employer, along with accrued interest.
Who is Eligible for PF?
Employees earning less than Rs 15,000 per month are required to enroll in the Employees’ Provident Fund (EPF). According to EPF regulations, an employee whose basic salary exceeds Rs 15,000 per month at the time of joining is not mandated to contribute to the Provident Fund. However, an employee with a salary above Rs 15,000 may still opt to join and contribute to the PF, provided they obtain approval from both the Employer and the Assistant PF Commissioner.
Amount of PF Contribution
The employer’s contribution to the Provident Fund is set at 12% of the sum of the basic salary, dearness allowance, and retaining allowance. The employee is required to make an equal contribution. However, for establishments with fewer than 20 employees or those that meet specific criteria outlined by the EPFO regulations, the contribution rate for both the employer and employee is limited to 10%. For the majority of employees in the private sector, the contribution is calculated based on the basic salary.
Employees Pension Scheme
A portion of the employer’s contribution, specifically 8.33%, will be allocated to the Employees’ Pension Scheme, based on a salary of Rs 15,000. For employees earning a basic pay of Rs 15,000 or higher, the contribution to the EPS will amount to Rs 1,250. Conversely, for those whose basic pay is below Rs 15,000, 8.33% of their respective salary will be directed to the EPS, while the remaining amount will be retained within the EPF scheme. Upon reaching superannuation, the employee will receive the total contribution along with the remaining balance of the employer’s share credited to their EPF account.
The breakup of PF Contribution
3.67% of contribution towards Employees’ Provident Fund
1.1% of contribution towards EPF Administration Charges
0.5% of contribution towards Employees’ Deposit Linked Insurance
0.01% of contribution towards EDLI Administration Charges
8.33% of contribution towards Employees’ Pension Scheme
EPF Charges
- The contribution is rounded to the nearest rupee for each employee, for the employee share, pension contribution and EDLI contribution.
- The Employer Share is the difference between employee Share (payable as per statute) and Pension Contribution.
- Monthly payable amount liable to EPF Administrative charges is rounded to the nearest rupee and a minimum of Rs. 500/- is payable.
- If the establishment has no member in the month, the minimum administrative charge will be Rs. 75/-
- The monthly payable amount under EDLI Administrative charges is rounded to the nearest rupee and a minimum Rs 200/-is payable.
- If the establishment has no member in the month, the minimum administrative charge will be Rs. 25/-
- In case, the establishment is exempted from PF Scheme, Inspection charges @0.18%, minimum Rs. 5/- is payable in place of Admin charges.
- In case the Establishment is exempted under EDLI Scheme, Inspection charges @ 0.005%, minimum Re 1/- is payable in place of Admin charges.
Due Date for PF Filing with EPFO
Prior to disbursing the employees’ salaries, the employer is required to withhold the employee’s contribution from their wages. Subsequently, both the employee’s and employer’s contributions must be remitted to the EPFO within 15 days following the end of each month.
Applicability of PF Registration
Registration for the Provident Fund (PF) is compulsory for all organizations employing 20 or more individuals. Additionally, certain organizations with fewer than 20 employees may also be obligated to secure PF registration. Every employee becomes eligible for PF benefits from the start of their employment, and it is the responsibility of the employer to ensure the deduction and payment of PF contributions. The standard PF contribution rate is set at 12%, which is to be shared equally between the employee and the employer. In cases where the organization has fewer than 20 employees, the PF deduction rate is adjusted to 10%.
Documents Required or PF Registration
For Proprietorships
- Name of the applicant
- Pan card of proprietor
- Id proof of the proprietor like Driving license/Passport/Election Card
- Address proof of proprietor.
- Address proof for the premises.
- Complete details of the applicant with their residential address and telephone number
For Partnership Firms / LLP / Company
- Name of the partnership firm or LLP or Company
- Certificate of Registration Firms in case of Partnership firm. Incorporation Certificate in case of LLP or Company.
- Partnership deed in case of partnership firms or LLP.
- Id proof of Partners –Pan card /Election Card / Passport/Driving license in case of Partnership Firm or LLP. ID proof of Directors in case of company.
- List of all partners with telephone number and address proof of all partners in case of Partnership Firm or LLP. List of all Directors with contact details in case of Company.
Society/Trust
- In case of Society, Trust etc, Registration of the organization needs to be done with concerned authority.
- Certificate of incorporation of society/trust.
- Moa and Bye Laws of society and trust.
- Id proof of president and all members of society
- Complete details of president and all members with their complete address and telephone number.
- Pan card of society/trust
Common Documents Required for All Entities
- First sale bill.
- First purchase bill of raw material and machinery.
- GST Registration certificcate, if registered under GST.
- Name of the bankers, address of the bank.
- Record of a monthly strength of the number of employees.
- Register of salary and wages, all vouchers, all balance sheets from day one to current date of provisional coverage.
- Date of joining of employees, fathers name and date of birth.
- Salary and PF Statement.
- Cross cancelled cheque.
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