PF Registration has required All corporates and offices in the current scheme work on the basis of employee welfare, with employers trying hard to ensure their employees get the best care and advantages. An Employee Provident Fund (EPF) is an initiative provided to offer social security to employees of an organization that helps in maintaining employee-employer bonds. To get all these benefits, employers have to follow some guidelines as stated by the government.
This fund is managed by the Employees Provident Fund Organization of India (EPFO). Under this scenario, matching contributions up to 12% of salary has been paid by the employees and employers in each.
PF mission is to boost the Reach and Quality of publicly managed old age income security programs through consistent and ever-improving standards of compliance and advantages delivery in a manner that wins the approval and confidence of members in our methods, honesty, and integrity.
PF issue has been grasping so much attention because of the following reasons:
- COMPULSORY CONTRIBUTION: PF is a contribution of 12% from basic salary. However, employers have tried to shift the burden of their contribution also to the employee thereby causing a huge reduction in salaries.
- LOW SALARY: The low salary structure dominant in our country causes the problems because almost 30 million out of 37 million provident fund contributors get a salary less than 15000. In spite of this deduction in the form of EPF and the non-withdrawal clause has increased the concern among many.
- HUGE CORPUS: PF maintains a huge corpus of 1.7 trillion dollars. So this automatically increases attention from every corner.
- IMPROVED SERVICE: The improved service provide by EPFO through transferable 12 digit number and also online services has raised awareness among people.
Documents Required for PF Registration
Company / Partnership Firm / Proprietorship Firm Details
- Copy of pan of company/partnership/firm
- Copy of Certificate of Incorporation / Registration certificate
- Copy of all licenses issued in the name of the establishment
- A canceled cheque
- Copy of electricity Bill
- Copy of rent/ lease agreement
- Copy of pan and Address proof of directors/partners
- Copy of Board Resolution for company
- Digital Signature of Proprietor/Director/Partner
- Name of employee
- Name of the employee father/husband
- Date of Birth
- Address (Aadhar Card)
- Date of appointment
- Bank Account Details (Account number, Branch name, bank name, IFSC code, etc.)
- Details of nominees (name, address, mobile no, email id, relationship details, etc.)
- Contact no of employee
Employees Provident Fund (EPF) is a retirement advantage scheme thats available to all salaried employees.This fund is maintained by the Employees Provident Fund Organisation of India (EPFO) and any company with more than 20 employees is required by law to register with the EPFO.
Upto 12% of salary
Who have basic salary 6500 or more than 6500,contribution to the EPF is mandatory.
You can withdraw from your EPF account on the account of your childrens education, marriage of self, children and siblings, purchase/construction of a house, or any medical emergencies etc. withdrawal is subject to particular conditions, non-compliance of which would result in disciplinary.
Interest: You should have completed minimum 7 years of service.
Withdrawal can be made only three times in the period during which you hold the PF account, and the maximum aggregate withdrawal would be 50 per cent of the total contributions made by you.
For medical emergencies, there is no minimum service period. However, the maximum amount one can withdraw is six times the basic salary and proof of hospitalization is required