What is Provident Fund Registration?


The Employee Provident Fund or PF is a retirement saving scheme provided by the government for all salaried employees in India, on which fixed interest is regularly paid. The Employee Provident Fund is a perquisite given by the employer to their employees over and above their basic remuneration. The Employee Provident Fund or PF is a retirement saving scheme provided by the government for all salaried employees in India, on which fixed interest is regularly paid. The Employee Provident Fund is a perquisite given by the employer to their employees over and above their basic remuneration.


When is PF Registration Mandatory?


PF registration for Employer is compulsory if: -
1. He owns a factory having 20 or more people, or
2. Any other organization / foundation with 20 or more employees or
3. The class of such organizations whom the Central Government may, by notice would specify for compulsory EPF employer registration.


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 Certificate i.e GST Certificate, Shop and establishment, COI.
2. Address proof i.e Electricity Bill, Rent agreement, Telephone Bill, Water bill.
3. PAN card of business entity and all partners/directors.
4. Cancelled cheque.
5. Digital Signature.
6. MOA/ AOA of Company.


WHAT ARE THE BENEFITS OF EPF REGISTRATION?


1. Risk coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.

2. Uniform account: One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.

3. Employee Deposit Linked Insurance Scheme: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.

4. Long-term goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.

5. Emergency needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.

6. Covers pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, 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.