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PF Registration

  • The Employee Provident Fund is a perk given by the employer to their employees over and above their basic remuneration.
  • Provident Fund Registration has mandatorily required by any establishment have employees 20 or more.
  • Every establishment register under PF requires the filing of monthly returns on 25th of every month and annual return before 30th April.
  • Every employee who is contributing to EPF is allotted a 12-digit UAN which allows portability of PF accounts from one employer to another.
  • Monthly Deduction: 12% of Basic Salary + DA shall be deducted on monthly basis of the employee as his contribution towards the Employee Provident Fund.
  • 80 C Deduction : Contribution towards EPF is eligible for deduction under section 80C which reduce tax implication of employee under income tax on salary

Steps to form a PF Registration

Arrangement
of Documents
Form Submission
& Verification
Issue A 17
Digit Unique Number
Return
Filling

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Procedure

Benefits of PF Registration

  1. Risk coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
  2. Uniform account : One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.
  3. Employee Deposit Linked Insurance Scheme: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
  4. Long-term goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
  5. Emergency needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.
  6. Covers pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).

Documents

  • Pan card
  • Adhaar Card
  • Light Bill
  • Email id and Mobile number
  • Current account statement
  • Shop act
  • Digital Signature
  • Passport Photo
  • Agreement copy
  • Employees Aadhar and passbook
  • Specimen Sign
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