Employee Provident Fund Registration
Employee Provident Fund Registration
Mandatory for a company having 20 or more employees, Salary upto Rs 15,000 PM
- Employer’s Statutory Liablity to deposit monthly PF
- Registration time taken 4-7 days
- Our pricing starts @ Rs 5,000/-
Employees Provident Fund Scheme at a glance
Every establishment in which 20 or more employees are working ( whether employeed directly or through contractor ) shall comply the Employees Provident Fund (EPF) Scheme under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
EPF Contribution on employees salary ( Basic +DA+ Retaining Allowance) drawing upto Rs.15,000:-
- 12% of Basic ( Include DA & retaning earnings if any) by Employee from his salary
- Equal Amount is i.e. 12% of Basic ( Include DA & retaning earnings if any) by Employer’s. Out this 12% of employers contribution, 8.33% diverted to Employees Pension Scheme (EPS) and 0.5% towards Employees’ Deposit linked Insurance (EDLI) and balacne towards EPF.
- Employer also pays 0.85% as EFP Admin fee and 0.01% as EDLI admin charges
In certain specified cases as applicable to industry EPF contribution rate apply 10% in both Employee and employer case.
AS PROPOSED IN THE BUDGET 2018, Contribution from women employees towards their provident fund shall be 8% instead of 12%, for three years. However, employers’ contribution would still be 12% towards EPF contribution and shall subject to full reimbursement by the Government as proposed.
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Legal requirement of Employer towards Employees Provident Fund Scheme
Comply Rule & Take Registration
It is Statutory obligation of the employers on which EPF Scheme apply under the EPF & MP Act, 1952 , shall comply the provisions of the Act and take EPF employer registration with
Enrol Eligible Employee
Enrolment of all eligible employees on its rolls (regular or contractual) – wages upto Rs 15,000 at the time of joining the establishment. Generate UAN for new employee and upload KYC information.
PF Contribution
Employer contributes 12% of salary ( Basic +DA+ Retaining allowance) and an equal % deducted from employee's salary as an employee contribution part per month and deposit with EPF Account within the due date.
File Monthly Return
Every month Employer file PR return online with details of Employee, salary and PF contribution amount within the due date.
Remittance of Monthly PF
Challan generates online based on return uploaded,. The employer may choose to make the payment through internet banking of SBI or take a print out of the Challan and pay at any designated branch of State Bank of India (SBI).
Verify Employee KYC
Verify and confirm that all employees have KYC (Aadhaar, Bank Account, PAN) compliant UAN (Universal Account Number).
Ensure Contractor has Deposited PF
Confirm remittance status of contractual employees belonging to an EPF registered establishment before releasing payment to such contractors.
Maintenance of records
Payroll - Wage record and books of Account, Employee Attendance Register to be maintained under other laws. It is suggestible preserve records for atleast 7-10 years.
