The Employee Provident Fund (EPF) is a mandatory savings scheme that helps employees save for their retirement. Both the employer and the employee contribute a fixed percentage of the employee's salary to the EPF account each month. The contributions earn interest, which is regularly credited to the account, ensuring long-term savings. This scheme is managed by the Employees' Provident Fund Organisation (EPFO), a government body in India. Upon retirement or after meeting certain conditions, the employee can withdraw the accumulated amount along with the interest.

EPF online registration for employer

EPF online registration for employers is important because it is required by law for organizations with 20 or more employees. These organizations must contribute a portion of their employees' salaries to the Employee Provident Fund (EPF).

If an employer doesn't register for EPF or tries to avoid paying the required contributions, they can be fined INR 5,000. This registration ensures that employees' retirement savings are being managed correctly.

What is the PF Number format?

The PF number is a unique identifier for an employee's provident fund account, structured as follows:

PF number looks like this:- MH/BAN/0001011/000/0000110.

• MH: The first two letters represent the region (e.g., MH stands for Maharashtra).
• BAN: The next three letters represent the specific office or sub-office (e.g., BAN stands for Bandra, Mumbai-I).
• 0001011: These seven digits are the employer's EPF registration number.
• 000: These three digits represent an extension (if it's 000, it means there is no extension).
• 0000110: The final seven digits represent the employee's unique EPF account number.

So, the whole format combines information about the region, office, employer, and the individual employee's EPF account.

Details needed for PF registration?

To register for the Employee Provident Fund (EPF), employers need to provide the following information:

1.      Company name and address: The official name and address of the business.

2.      Head office and branch information: Details of the main office and any branch offices.

3.      Date of incorporation: When the company was officially established.

4.      Total number of employees: The total strength of employees working in the company.

5.      Type of business activity: The nature of the work or services the company is involved in.

6.      Nature of business: A description of the business or trade the company conducts.

7.      Director/partners information: Details of the company's directors or business partners.

8.      Employee basic details: Basic information about the employees working in the company.

9.      Employee salary details: Information on the salary structure of employees.

10. Company bank account details: The bank account details of the company for transaction purposes.

11. PAN card: The company's Permanent Account Number (PAN) for taxation purposes.

This information is required to complete the PF registration process.

Benefits of EPF registration:

1.      Risk Coverage: EPF helps protect employees and their families financially in case of retirement, illness, or death.

2.      Portable Account: Your EPF account is portable, meaning it stays with you even if you change jobs. You can transfer it to your new employer.

3.      Employee Deposit Linked Insurance (EDLI): EPF members get life insurance coverage, where a small portion (0.5%) of their salary goes towards this insurance.

4.      Long-Term Savings: EPF can be used for important life events like marriage or higher education, offering financial support when you need it most.

5.      Emergency Funds: In case of unexpected situations like illness or family events, you can use your EPF savings to cover urgent expenses.

6.      Pension Coverage: Both you and your employer contribute to the EPF, and a part of your employer's contribution goes toward the Employee Pension Scheme (EPS), providing you with a pension after retirement.

UAN number and Who can apply for UAN number registration?

The UAN (Universal Account Number) is a unique 12-digit number assigned to an employee. This number tracks the employee's provident fund contributions and other relevant details, and it remains the same throughout the employee’s career, even after retirement. The UAN is linked to the employee’s EPF account and continues to be active even if the employee switches jobs.

As for who applies for UAN registration, the employer is responsible for generating the UAN for their employees. If an employee changes jobs, their previous UAN is linked to the new employer, so the employee doesn't need to apply for a new UAN each time they change jobs.

How the PF return filing procedure works:

·        Monthly Returns: Every company that is registered for EPF must file monthly returns, which are due by the 25th of each month. These returns provide details of employee contributions to the Provident Fund.

·        Annual Return: In addition to the monthly returns, the employer must also file an annual return before the 25th of April each year.

As for the due date for PF payment by the employer, the employer is required to make the PF payment by the 15th of every month. This payment covers the contributions for the previous month.

Penalty for delay in PF payment by employer:

If an employer delays the payment of PF contributions, they will be charged a penalty based on the length of the delay:

1.      Up to 2 months: The penalty is 5% per year.

2.      2 to 4 months: The penalty increases to 10% per year.

3.      4 to 6 months: The penalty increases further to 15% per year.

4.      Beyond 6 months: The penalty is 25% per year.

This penalty is charged on the outstanding amount due for the delay in payment.

How the registration process works:

1.      Upload Documents: Upload all the required documents and information to our online portal.

2.      Choose Package & Pay: Select the registration package and make the payment online using any of the available payment options.

3.      Application Assignment: After placing the order, your application will be assigned to a dedicated professional.

4.      PF Registration Form Preparation: Our professional will prepare the necessary PF registration form for you.

5.      Verification & Submission: The PF registration form will be verified and then submitted to the PF department.

6.      Certificate Generation: Once approved, the PF registration certificate will be generated and sent to you via email.

Documents required for PF registration:

1.      Registration Certificates: GST Certificate, Shopex, and Certificate of Incorporation (COI) of the business.

2.      Address Proof: Documents like an Electricity Bill, Rent Agreement, Telephone Bill, or Water Bill to verify the business address.

3.      PAN Card: PAN cards of the business entity, along with those of all partners or directors.

4.      Cancelled Cheque: A cancelled cheque from the business’s bank account for verification of bank details.

5.      Digital Signature: The digital signature of any one of the company’s directors (usually stored on a Pendrive), which will be affixed on the application form.

6.      Additional Documents:

o   For a company: Certificate of Incorporation (COI) or Memorandum of Association (MOA).

o   For a partnership firm: The Partnership Deed document.