PF Registration
Employee provident fund is considered as an employee benefit provided as per the scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is monitored by Employees’ Provident Fund Organisation (EPFO) known as the world’s largest social security organization for the after-retirement benefit of the employee. EPF registration is compulsory for every company, factory or establishment having more than 20 people or more. The ratio of 12% is PF contribution which is distributed equally between the employer and employee in a company. Employees need to register through the website and generate UAN no. which is an individual for one person indicating pf account. EPF is Aadhaar linked and KYC verified. With registering UAN, an employer can not hold or access the account of their employees. Even employees can keep a track on their employers. The registered number ensures an employee can fully or partially apply for the PF money at the time of need or emergency. UAN no. is track on account which helps EPF to check out the bank and KYC details easily. Employee provident fund is a great initiative to benefit employees, provide social security and build strong bond or connections between employee and employer.
Benefits
- PF registration helps employees in tax benefits and life-long pensions.
- After the death of an employee, the family person or nominee is entitled to receive the PF amount.
- In the case of marriage, medical emergencies and education, PF amount can be withdrawn up to 50% of contributions made so far.
- Special insurance benefit given to the members where there is no group insurance scheme in an organization.
Documents Required for PF Registration
Owner's Documents
- Photo
- PAN
- Aadhar Card
- Mobile No & Email Id
Registered Office Documents
- Proposed Business Name.
- Employees Documents; PAN, Aadhar Card & Bank Passbook
- Copy of Business Registration Certificate e.g. GST, Partnership, Pvt Ltd etc.
Other Information
- Proposed Business Name.
- Mobile No & Email Id
- List of top 5 Business Products/Services