Employee Provident Fund Registration

In today's corporate world, EPF registration is crucial for securing funds for retirement years. This serves as a financial incentive and continues to act as a boon to the organisations which invest in this scheme and ensure compliance with the regulations established by EPFO.

Besides its unparalleled power, EPF largely contributes towards the long-term benefits, beginning with financial saving for retirement or withdrawal of the same during a family emergency; it has everything covered for you.

Accordingly, under this broad umbrella of Employee Provident Fund Registration, it has various schemes in place, which are the Employees' Pension Scheme 1995 and the Employees' Deposit Linked Insurance Scheme 1976, which are closely administered and regulated by the Employee Provident Fund Organisation (EPFO). 

With that in mind, EPFO makes sure that online services are utilised in a way that ensures their reliability along with the improvements made to various facilities. Nonetheless, from understanding the intricacies of EPF to educating you about the services, we have got you covered. 

What is EPF registration?

Employee Provident fund registration comes under the spectrum of Employees' Provident Funds and Miscellaneous Act, 1952, one that employee provident fund organisations undertake. To note, EPF is charged in all those cases where there are 20 or more employees, while other organisations employing less than 20 people also fit the criteria that would cater to exemptions and constraints. 

It is important to note that both the employer and employee contribute a portion of their salary, up to 12%, along with the dearness allowance charged for EPF. This amount is then combined with the required interest and given to the employee once they retire. It is a combination of both the employee's and employer's contributions.

Note- The rate of interest on EPF deposits is around 8.15 p.a

It is important to note that the Employee Provident Fund organisation is a reliable institution that allows employees to secure their funds, especially for their retirement years. It is under the administration of the Ministry of Labour and Employment, Government of India, and has been in operation since 1951. It is crucial that we ensure the safety and protection of our hard-earned funds, and the Employee Provident Fund organisation provides a valuable service in that regard.

What Services are Provided by EPFO?

Some of the key services that are provided by EPFO are listed below and are as follows-

• UMANG App

The Employee Provident Fund Organisation has launched a new mobile application called Unified Mobile Application for New-age Governance (UMANG) for those who have used EPF facilities. The app offers services like updating profile details, verifying information related to the EPF passbook, and more. 

• Online withdrawal of EPF

The EPF Withdrawal can be facilitated online with the help of the UAN. To access this facility, it is especially significant that those employees who have been unemployed for more than a period of two months will be found eligible to withdraw EPF amount. But before doing so, it is essential to have your bank details linked with the UAN. 

• EPF Grievances Registration

For issues ranging from the transfer of PF to settling pension, the members may step in and raise a complaint easily online. The redressal committee would listen to your problems amidst EPFO priorities. Surprisingly, around 80% of these complaints are solved within a week or maybe less than that. With these rounds of grievances, the complaints have relatively lowered.

Therefore, not only this but other provisions are mentioned under the Employee Provident Fund Organisation, which continues to serve people by safeguarding their financial savings.

The Employee Provident Fund (EPF) is one government-based incentive to uplift the retirement savings that benefit various employees. It is a must-have for organisations with a required number of employees & brings forth various provisions for employees and employers all-in-all. Besides, let us have a look at the benefits of provident fund registration bestows us with-

For Employers

• Legal Compliance

Unquestionably, registering for EPF is one of the ways in which employers are made to fulfil their obligations to avoid any legal penalties. It is a must-have for organisations with 20 or more employees, and failing to register might lead to legal complications. 

• Employee Retention 

EPF provisions are referred to as an essential incentive that invites or retains talented employees, serving as a benefit for the candidates to prioritize the organisations pertaining to this scheme. 

• Tax Benefits 

It appears that employers possess a clear understanding of the tax implications related to EPF contributions. It is noteworthy that such contributions have the potential to alleviate the tax liability of the organization.

• Social Security 

EPF registration holds immense importance in guaranteeing the well-being of employees. By doing so, it ensures that employees are equipped with financial security when they eventually retire from their profession, making sure that they are taken care of even after they exit the workforce.

For Employees

• Retirement savings

With Employee Provident Fund Registration coming in, retirement savings act as financial backing and keep you on your toes financially as well as professionally. Additionally, this amount leverages the employers as well as employees to a more significant extent. With the accumulation of amount, having the interest such as this, it gives a substantial corpus to the employees mainly after retirement.

• Loan facilities

It is a cherry on top of how employee provident fund registration not only provides financial backing but encourages the employees to avail of the loan facilities against their EPF balance for plenty of other reasons, ranging from education, medical emergencies, and housing. And with that, it enables an affordable borrowing option, especially for the employees. 

• Nomination Facility

In a case such as this, EPF acts as a boon in encouraging the employees to nominate their family members to become the beneficiaries in case of the demise of the PF holder. With this, this collected EPF balance is then shared with the nominated individuals, granting financial backup as well as security to the employee’s dependents. 

Therefore, we conclude that EPF comes with innumerable benefits, especially for the employees as well as the employers. With that being said, employers cater to the legal requirements to retain the employees and avail the tax benefits. Employees, on the other hand, may enjoy retirement savings, loan facilities as well as nomination facilities. Accordingly, organisations need to keep in check regarding the Provident Fund Registration to ensure the financial security as well as the stability of the workforce. 

The checklist for EPF Registration consists of the following must-haves, which are displayed as follows-

Once you have undergone the instructions, you might need to ensure that you follow the documents which are kept for the data entry. It is by filling out the form that you have to ensure that data is correctly added and included and that it does not have a half-filled application.

The documents required for Employee Provident Fund Registration are as follows- 

• PAN card of firm/company/society/trust
• Certificate of Incorporation or registration
• Cancelled cheque
• Address Proof of Premises
• Signature copy of Directors and Authorized Signatories
• Consent of Majority of Employees in Case of Voluntary Registration

The step-by-step procedure for EPF Registration Online is as follows-

Step 1:- Connect with the Corpseed team

First, contact Corpseed as your one-stop solution provider. 

Step 2:- Corpseed aligns a dedicated professional 

Secondly, Corpseed will align a dedicated professional to help you with the EPF registration. 

Step 3:- Submit required documents 

Secondly, Corpseed will align a dedicated professional to help you with the EPF Registration. We conduct the documentation process, followed by the submission of supporting documents from your end, under appropriate structure and formats with updated information, whether application-based or online. 

Note- Any error spotted might lead to the dismissal of your application. Therefore, remain vigilant during the submission process and only after ensuring that documents are correct & up to the mark. 

Step 4:- We will draft as well as file the EPF application 

Our officials will be a step ahead in ensuring and undertaking the filing of the EPF application. You need not worry about the hassle, as we have you covered throughout the application process. 

Step 5:- We will follow up with the authority

Accordingly, we will follow up with the authority and reach out to you with the required Verdict. 

Step 8:- With this, we would share the EPF number via email. 

Soon after, we help you obtain the EPF number, which will be shared with you over email.

Therefore, all these steps somehow ensure and complete the employee provident fund registration.

At Corpseed, we place great emphasis on the registration of employee provident funds, acknowledging its profound significance and the substantial impact it can have on businesses in India. We firmly believe that adhering to the regulations and requirements is essential for ensuring their seamless operations and long-term prosperity. We fully comprehend the intricate complexities and hurdles that entrepreneurs encounter when manoeuvring through the legal landscape.

Ourteam of seasoned experts possesses extensive knowledge and expertise in Obtaining EPF registration, enabling us to offer comprehensive guidance and unwavering support to our clients.