PF Registration​

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Employee Provident Fund

Employees’ Provident Fund is a scheme for Indian employees regulated by the Provident Fund and Miscellaneous Provisions Act, 1952. Employees’ Provident Fund is held under the Employees’ Provident Fund Organisation, EPFO. 

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Documents required for registration include the following

The following papers must be included in the registration form by the employer:

  • Proprietor, Partner, or Director’s Aadhar Card
  • PAN (Personal Identification Number) of a Partner, a Proprietor, or a Director.
  • Proof of Address (Can be any utility bill but should not be more than 2 months old).
  • The Proprietor/Partner or Director’s digital signature.
  • A bank statement or a voided check.
  • If there is one, then a rent/rent or lease agreement.

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Due Date

The company must subtract the employee’s contribution from the salary before giving it to the employee. Following that, the employee’s portion and the employer’s half will be due to EPFO within 15 days of each month’s end. 

In the case of debt instrument returns, the EPF is longer. The government backs the money, and the interest is tax-free. PF is classified as EEE (Exempt, Exempt, Exempt) since contributions are tax-deductible. Almost no other loan product provides such high yields while ensuring safety and security. As a result, moving the PF account while changing employment is preferable to prevent the temptation of cashing out.

What is the Employees Pension Scheme?

8.33% of the employer’s contribution is sent towards the Employees’ Pension Scheme, calculated at Rs.15,000. If the person’s basic salary is Rs 15,000, then the employee pension scheme will be Rs 1250. 

If the basic salary is more petite than Rs 15,000, 8.33% of the amount will be sent, and the balance will be kept in the EPF scheme. The employee will receive the aggregate share and the employer’s share reserved to be deposited in the EPF account on retirement.

EPF Charges

  1. Contribution is rounded off to the closest rupee for each employee for employee share, contribution towards pension, and EDLI contribution.
  2. Employer share is the distinction between employee share and pension contribution.
  3. The monthly payment amount for EPF administrative fee is rounded off to the nearest rupee, and a minimum of Rs 500 is payable.
  4. If there is no establishment member in the month, the applicable minimum administrative fee will be Rs.75.
  5. Under EDLI Administrative Charges, the monthly payment amount is rounded off to the nearest rupee, and a minimum of Rs 200 is payable.
  6. If the establishment has no members in a month, the minimum administrative charge payable is Rs.25.
  7. Suppose the establishment is exempted from the PF scheme, then an inspection fee of 0.18% (minimum Rs.5) is payable in place of the administration fee.
  8. Suppose the establishment is exempted under the EDLI scheme. A minimum inspection fee of Rs.1 @ 0.005% is payable in place of the administrative fee.

Who is eligible to get EPF registration?

For Employers:

PF registration is mandatory for all establishments:

  1. It has added 20 or more people.
  2. For any other establishment having less than 20 people, the Central Government on its behalf shall specify the same in the notification.

 

For Employee: Employees making less than Rs 15,000 per month are mandatorily required to become a member of EPF. According to the guidelines, no PF contribution is required for employees whose basic salary is Rs. 15000 per month at joining.

But an employee who is drawing a salary of more than Rs 15,000 can still be a member and contribute with the employer and the Assistant PF Commissioner.

The amount for PF contribution: In case of non-compliance with an applicable penalty, the employer will have to obtain PF registration within 1 month from the power date. A registered establishment continues to be covered under the Act even if the number of employees is less than the required limit.

The employer has to contribute 12% of (Basic Pay + Dearness Allowance + Retention Allowance). The exact amount will have to be paid to the employee. If the establishment has employed less than 20 employees, the EPFO rules state that the contribution rate for both the employee and the employer is limited to 10%. In most cases, employees employed in the private sector are based on basic pay on which the entire contribution is calculated.

PF Contribution Details:

  1. The 12% contribution is divided into the following subdivisions:
  2. 67% of contribution to Employees’ Provident Fund
  3. 1% of contribution towards EPF administration fee
  4. 5% of the donation to the employee’s deposit linked to insurance
  5. 01% contribution towards EDLI administration fee
  6. 33% for Employees’ Pension Scheme.