What is Provident Fund Registration?

The Employee Provident Fund (PF) is a government-provided retirement savings scheme for salaried employees in India. It offers a fixed interest rate and is considered a perquisite given by employers to their employees in addition to their basic remuneration.

When is PF Registration Mandatory?

PF registration for Employer is compulsory if: –

1. If the person owns a factory with 20 or more workers.
2. If the organization or foundation has 20 or more employees.
3. If the Central Government specifies a particular category of organizations through a notice.

Rietway Consultants PF Registration Package

The Services which are included in our package are as Follows:
✅ Consultation for PF Requirement
✅ Preparation of Documents
✅Application Filing
✅PF Certificate and Login Credentials

Documents Required for PF Registration

1. Registration documents such as GST Certificate, Shop and Establishment Certificate, and Certificate of Incorporation.
2. Proof of address such as Electricity Bill, Rent Agreement, Telephone Bill, or Water Bill.
3. PAN cards of the business entity and all partners/directors.
4. Cancelled cheque.
5. Digital signature.
6. Memorandum of Association (MOA) and Articles of Association (AOA) for companies.

WHAT ARE THE BENEFITS OF EPF REGISTRATION?

1. Risk Coverage: The primary advantage of the Provident Fund is to provide coverage to employees and their dependents against risks that may arise due to retirement, illness, or death.
2. Uniform Account: One of the significant benefits of the Provident Fund account is its stability and transferability, which means that it can be carried forward to any other place of employment.
3. Employee Deposit Linked Insurance Scheme: The PF account holders are eligible for this scheme, which deducts 0.5% of their salary towards life insurance premium.
4. Long-Term Goals: The accumulated PF amount can be helpful in achieving long-term goals such as marriage or higher education that require urgent funds.
5. Emergency Needs: The PF amount can be utilized in case of any unanticipated events like family emergencies, mishappenings, or illness that require urgent financing.
6. Pension Coverage: In addition to the employee’s 12% contribution towards EPF, the employer also contributes an equal amount, which includes 8.33% towards Employee Pension Scheme (EPS).

PF Registration Procedure

Step -1 Arrange all Required Documents: The first step is to arrange all the documents and send the same over the email / WhatsApp to us. Once all the Documents are Received, we will Start the Further Process.
Step -2: Documentation The first step is to arrange all the documents and send the same over the email / The documents to be uploaded while applying for the PF Registration must be prepared, signed and stamped.
Step-3: Filing of Application: The first step is to arrange all the documents and send the same over the email / The Next Step is Submission of Application at Department Step-4: Issue Of PF Number: The first step is to arrange all the documents and send the same over the email / After Submission and Scrutiny of Documents, Department Issues PF Number

Recent Updates

Feb 12, 2020: AGILE forms makes it easier to apply for ESI registration With the use of e-form AGILE (Application for registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration plus Employees’ Provident Fund Organization (EPFO) registration), one can register for any of these at the time of company registration.

Mar 06, 2020: Company incorporation under EPFO, ESIC to be done on new MCA portal.

Private, public, and one person company registration under EPFO, ESIC will be executed on the new MCA portal. It simplifies the registration process by using a new web form SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus), integrating 10 services from various departments.

Mar 9, 2020: SPICEe+ form stipulates mandatory registration of EPF & ESIC With the introduction of SPICe+ form for company incorporation, registrations for EPFO and ESIC shall be compulsory for all organizations registered, and none shall be separately issued by the respective agencies.

FAQ on PF Registration

Will PF registration help in collection of pensions?
Yes. PF has a direct impact on the pension of an employee. Of of the amount contributed by the employer towards EPF, 8.33% of it goes to the EPS, i.e., Employee Pension Scheme.

What is the rate of PF contribution?
Both the employee and employer contribute 12% of the salary. The employers part consists of 12% of basic wages + dearness allowance + retaining allowance. If the number of employees is less than 20 in the firm, then the PF rate is 10%.

Is it beneficial for employees who draw salary above Rs 15001/- to become member of Provident Fund?
Ans Yes because provident fund contribution by the employer & employee is not a taxable income for Income Tax purpose.

What if an employee while joining establishment has a basic salary of Rs 11200 and after some period of time his basic salary increases above Rs. 15001/-, does he have an option to terminate his member ship form the Provident fund act?
Ans : Employee who while joining the organisation has a basic salary above Rs 15001/- have an option to either become or avoid becoming member of Provident fund but employees whose basic salary while joining the organisation is less then Rs 15001/- but after some period of time their basic increases above Rs 15001/- have to compulsorily continue to be member of provident Fund.

Which form has to be filled while becoming member of provident fund?
Ans : Nomination Form No 2 has to be filled to become a member of the Provident fund, form is available with HR department.