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A Step by Step Procedure for EPF Registration in India - BizAdvisors

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A Step by Step Procedure for EPF Registration in India

A Step by Step Procedure for EPF Registration in India

The Employees’ Provident Fund (EPF) program was founded by the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. In terms of clients served and the volume of financial transactions handled, the Employees’ Provident Fund Organization (EPFO), one of the largest social security organizations in the world, is in charge of managing it. EPF essentially serves as a benefit provided by the employer to an employee upon retirement. The Indian government will continue depositing funds from both employees and employers into EPF accounts for the month of August. 90% of the employees at enterprises with up to 100 employees who participate in the program are paid less than INR 15,000 per month. The contribution rate has been lowered to 10% for NGOs, although it is still fixed at 12% for all organizations. This article outlines the Procedure for EPF Registration in India.

What is meant by EPF?

All salaried employees have access to Employees Provident Fund (EPF) through their employer. According to this scheme, your employer is required to deduct a specific amount from your paycheck each month and deposit it into your EPF account. Your EPF savings can be used after retirement to pay for costs or used to secure a loan.

Benefits of EPF

Here are a few benefits that having an EPF account could give you:-

  • Facilitates long-term financial saving.
  • It helps to support your lifestyle after retirement.
  •  It doesn’t require a one-time, upfront payment.
  • It allows you to receive tax benefits.
  • It acts as a savings account for unforeseen costs.

Why Is Employer EPF Registration Important?

Below mentioned are some of the points which reflect the need for the registration of EPF by an employee:-

  • Risk protection: The primary purpose of the Provident Fund is to protect employees and their dependents from potential risks associated with retirement, illness, and death.
  • An account that is consistent: The Provident Fund account’s consistency and transferability are two of its most crucial features. 
  • Employee Deposit Linked Insurance Scheme (EDLIS): All PF account holders have access to this program. 
  • Comprehensive goals: Many long-term goals, such as pursuing a degree or getting married, necessitate the current availability of funds. In such circumstances, the amount of accrued PF is often advantageous.
  • Needs that arise suddenly: Unexpected events like marriages and other family reunions, as well as any accident or illness, necessitate financial assistance.
  • Safety of retirement benefits: In addition to the employee’s 12% contribution to the EPF, the employer also makes an identical sum, which includes 8.33% to the Employee Pension Scheme (EPS).in

Eligibility Criterion for the EPF Registration

Below mentioned text explicates the qualification standards that must be met to register Employee’s Provident Fund (EPF):-

  • Every establishment, defined as a factory employing 20 or more people in any industry, must register with the EPF.
  • To any other business employing 20 people or more or to a class of businesses employing 20 people or more that the Central Government may identify in a notification.
  • Any establishment with fewer than 20 employees may be subject to the regulations after receiving at least two months’ notice of mandatory registration from the Central Government.
  • After publishing a notice in the Official Gazette from the date of the agreement or any later date indicated in the agreement, the Central PF Commissioner may apply the provisions of this Act to that establishment.
  • From the moment they start working, all employees are eligible for PF, and it is the employer’s responsibility to deduct and pay PF. 
  • The PF deduction level will be 10% if the establishment had lower than 20 employees.

Online Procedure for EPF Registration

Following is a set of guidelines to follow for the online registration of EPF:-  

  • Go to the EPFO website and complete the login procedures.
  • Download the user handbook, and then read it.
  • Utilize DSC to register.
  • UAN is produced
  • Give the employer information
  • Activate the email address-directed link.

Employers’ Step-by-Step Guide to EPF Registration

Below mentioned is a stepwise procedure guideline required for registering your EPF:-

  • Step 1: EPFO firm registration: Go to the EPFO website[1] and select “Establishment Registration” from the menu.
  • Step 2: Read the instruction manual: The “ESTABLISHMENT REGISTRATION” link will take you to a new page where you can download the “INSTRUCTION Document.”
  • Step 3: DSC Registration: Employers who have enrolled may access the platform using their login information.
  • Step 4: Completed the necessary Employer information: Check the box next to “I have read the instruction manual” after finishing the manual.
  • Step 5: Complete the fields with the necessary information:
  • First Name: Enter your name exactly as it was given to the Income Tax department in this field. 
  • Employer PAN: A portal will prompt you with a notification about your registration status when you enter the PAN detail.
  • User Name: The portal now enables you to choose a distinct username from a variety of alternatives.
  • Mobile Unique Identification Number (UIN): Now that you have registered a mobile number, the portal will generate a PIN and send it to that number. Select the “I agree to the above declaration” option after receiving your PIN.
  • Email link activation: An email link would be forwarded to your registered email address via the site. When you click on this link, the EPF registration application is immediately submitted to the site.

Documentation Needed for EPF Registration

The following are the required documents for the registration of EPF:-

  • Address, a PAN card as identification,
  • GSTIN information.
  • The double MOA and AOA
  • A list of the team members in charge of managing the business’s operations
  • Legal evidence demonstrating adherence to the Income-tax Act
  • Documentation describing in full the present employees applying for EPF registration.
  • All employees’ salaries, as well as their grades and position, are listed.
  • Applicant’s canceled check.

Conclusion – Procedure for EPF Registration

The EPF serves as a reliable source of funding and offers employee retirement advantages. While EPF advantages may not seem as enticing as a short-term investment, they are unquestionably the most reliable source of investment for someone looking for financial support after retirement. Hopefully, by this point, you have a thorough understanding of the EPF Registration process. An effective platform for registering Employee’s Provident Funds in India is offered by the legal website BizAdvisors.io. For any queries related to the procedure for EPF Registration , you can get in touch with our legal specialists.

Read our article:How to apply for Online EPF Registration?

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