What does Employees Provident Fund (EPF) mean?
It is considered as a Retirement Benefit Programme provided to all the salaried employees and is regulated by the Employees Provident Fund Organization of India (EPFO) and ever company is required to get registration under Employees Provident Fund Organization (EPFO) where the company has 20 or more employees.
During the operating year, both the employee and the employer shall add 12% of the basic salary of the employee to the EPF fund. Employee's whole 12 % goes to the EPF fund and Employer's 3.67% is allocated to the employee's Employee Provident Fund plan and the rest 8.33% from the employer side is diverted to the Employees Pension Fund (EPF).
What is the procedure to obtain the Employee Provident Fund Registration?
Registration with the EPF by the companies having 20 or more employees can be obtained by both the modes i.e. the online as well as offline.
Below mentioned details are required to be provided by the employers along with Employees Provident Fund (EPF) Form which can be downloaded from Employees Provident Fund Organization (EPFO) website
- Company’s name and address of the company as well as the details of the head office and branches.
- Company’s incorporation date
- Employees’ information such as name, date of joining, salary, etc.
- Company’s main business
- Details of Directors of the company
- Company’s banking information
- Permanent Account Number
Which documents are needed to submit for obtaining the registration under Employee Provident Fund?
- In case of partnership firm, Copy of partnership deed is required to be furnished.
- In case of Private or Public Company, company’s certificate of incorporation.
- In case of society, Registration Certificate shall be furnished.
- Company’s Permanent Account Number
- Proof of Incorporation of the company
- Employees’ Salary Details
Details regarding the balance sheet