Overview of Employees' Provident Fund (EPF) Registration

The Employees' Provident Fund (EPF) is a significant financial benefit provided by employers to their employees, designed to promote savings for long-term security. It acts as a financial safety net for employees during retirement or unforeseen circumstances. To take advantage of these benefits, establishments must complete EPF registration to ensure compliance with EPF regulations.

What is Employees' Provident Fund (EPF)?

The Employees' Provident Fund (EPF) is a mandatory savings platform for employees in India, particularly for those working in establishments with 20 or more employees. This includes both permanent employees and temporary workers. Businesses must secure an Employee Identification Number (EIN) through EPF registration to meet regulatory requirements.

Rate of EPF Contribution

 

Employee Contribution: 12% of the Basic Salary is directly deposited into the EPF account.

 

Employer Contribution: 8.33% toward the Employees' Pension Scheme (EPS)
3.67% toward the Employees' Provident Fund
0.5% to the Employees’ Deposit Linked Insurance (EDLI)
1.1% (revised to 0.65% after 01/04/2017) for EPF administration

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Benefits of EPF Registration
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Risk Coverage : Provides financial security during retirement, illness, or unexpected death.

 

Uniform Account : The EPF account is easily transferable when employees switch jobs.

 

Life Insurance :0.5% is deducted for life insurance, enhancing financial security.

 

Long-Term Goals : EPF savings can be used for major financial goals like education or marriage.

 

Pension Coverage:Employers contribute 8.33% of the employee's salary to the Employees' Pension Scheme (EPS).

Documents Required for EPF Registration

Documents Required for PF Registration
  • Name of the applicant
  • Pan card of proprietor
  • Id proof of the proprietor like Driving license/Passport/Election Card
  • Address proof of proprietor.
  • Address proof for the premises.
  • Complete details of the applicant with their residential address and telephone number
 PROPRIETOR
  • Name of the partnership firm
  • Certificate of Registration Firms in case of Partnership firm.
  • Partnership deed in case of partnership firms
  • Id proof of Partners –Pan card /Election Card / Passport/Driving license in case of Partnership Firm
  • List of all partners with telephone number and address proof of all partners in case of Partnership Firm
PARTNERSHIP
  • Name of the LLP Firm or Company
  • Certificate of Incorporation Certificate in case of LLP or Company
  • Id proof of Director –Pan card /Election Card / Passport/Driving license of LLP. ID proof of Directors in case of company.
  • List of all Directors with telephone number and address proof of all Director of LLP. List of all with contact details in case of Company.
PARTNERSHIP

Eligibility for Employees' Provident Fund (EPF)

Employees earning up to ₹15,000 in wages, as defined by the EPF Act, must enrol in the EPF scheme. This includes Basic Salary, Dearness Allowance, food concessions, and retaining allowances.

Why Choose BizMantra for EPF Registration?

Our Comprehensive EPF Services Include at BizMantra, we simplify the Employees' Provident Fund (EPF) registration process with our team of experts. Our services ensure that businesses remain compliant with EPF regulations, prioritizing employee welfare.

 

Consultation and Guidance: Our experts provide personalized advice for hassle-free EPF registration.

 

Document Preparation: We handle all necessary documentation for smooth and timely registration.

 

Compliance Support: We ensure that your business stays compliant with all EPF regulations, avoiding penalties.

 

Employee Awareness Programs: We educate employees about the benefits of the Employees' Provident Fund (EPF).