Employee provident scheme is a scheme under the Employees’ Provident Fund and Provisions Act, 1952. It is controlled by Employees’ Provident Fund Organization (EPFO) which is one of the largest Social Security Scheme Organizations in terms of Members and the amount of financial transactions that are done. Basically, EPF is basically retirement benefit given by the EPFO to provide benefit towards retirement by giving a corpus fund as well as pension. We discover you to find out the coverage and applicability of the PF and file application for registration on your behalf to the PF Office, draft all the documents and you are not required to go to the department for issuance of the registration number of the establishment.
You should be very careful in decide the entitlement and condition for provident fund registration. The Application for registration under EPFO should be made within 30 days of twenty employees. The registration of the firm under PF becomes compulsory, as the firm exceed the limit of 20 or more employees. The Limit of 20 employees includes contract employees that are counted apart from the employees employed through a Parent company.
The Organisation Employing 20 or more employees is required to obtain registration with the EPFO department within 30 days of crossing the number of employees.
The employer with the consultation of its employees can take voluntary registration within the stipulated time if employees wishes to register and avail the benefit given by the government.
Meaning of Employee for PF
Employers Provident Fund is mandatory if the number of employees exceeds 20. ESIC registration is also necessary as is required to be obtained when the number of employees reaches 10 in numbers.
The first step is to scan the documents and also apply for your DSC certificate
The employer profile is created at the EPFO portal and is required to be registered within the stipulated time.
After the profile of the establishment is created at the EPFO portal the next step is to register DSC of the director of the company. DSC is done before filing application for new registration.
After all steps are fulfilled the final step is to file application at the EPFO office for processing of PF application.
The provident fund is a social security scheme provided at the retirement and which is guaranteed by the government. The provisions of the PF Act apply to the organization based on the number of employees. Registration with the Provident Fund Organization is mandatory for establishments also be taken on a voluntary basis with the consent of its employees. A copy of declaration is to be given by the majority of the employee of opting for voluntary registration is attached with the Form.
The UAN number is the short form of Universal Account Number Identification Number allotted by the EPFO to its members, this acts as an account number for the employees. The establishment needs to allow UIN number to all Existing after registration of the establishment.
Every employee of the establishment has to furnish a declaration in Form number 11, the purpose of the form 11 is to give details of the employee to the company/employer for the purpose of doing legal compliance of the provisions of the EPFO Act and schemes thereof.
Gross salary = Basic salary + DA (Dearness allowances)