Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits.
Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund. EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for organizations with total employee strength more than 20. Such employers can opt for online PF registration from Vakilsearch. Companies can register for employee provident fund, in 3 easy steps:
To be eligible for PF Registration, an organization has to fulfill the following criteria:
Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employer’s.
Pension Coverage
Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
Cover of Risk
In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
Single Account/one EPF Account
The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
Emergency Fund
Emergencies are bound to happen at any point of time in life. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses. Employee can make claims online.
Employee Deposit Linked Insurance Scheme
Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.
Extended Goals
The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.
Checking the EPF balance
The members who are registered under the UAN portal can get the details which are available at the Employee Provident Fund Organization (EPFO) by just giving a missed call to 011-22901406 from their registered mobile number. If the member’s UAN is linked with the bank’s account number, PAN card or Aadhar number, then the member can easily get the PF balance and previous contribution details
Activated members of the UAN can get to know their previous EPFO balance and PF contribution by sending an SMS to 7738299899 from their registered mobile.
Our expert will be your advisors and consultants for PF online registration and help get the PF number in 5 to 10 business days (not factoring processing time). On the very first consultation, which is free of any charge, you will get the gist of our PF process. When we work on your behalf, we ensure that the PF application is submitted for the organization in the prescribed format without any errors. We pledge easy working at the most economical prices.
The EPFO members will be able to keep a tab of their UAN status using online methods. All you need to do is to provide the EPF number and select your state. You will automatically get the UAN status.
All the individuals will have to activate their UAN if they need access to all the direct/online facilities given by the Employee Provident Fund.
Documents required for PF Registration
Any business that wishes to apply for PF needs to submit the following mandatory documents:
In some entities the underlying may also be needed:
First sale bill
You just need to collect the mandatory documents and send a copy of each document to us. The rest will be handled by the efficient team at Indian Legal Firm. From filing the form to verification processes and legal formalities, we handle it all!
