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APPLY ONLINE FOR PROVIDENT FUND REGISTRATION

PROVIDENT FUND APPLICATION FORM

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The Employee Provident Fund Organization is the largest organization in the world serving over a million people and maintaining savings of almost 24.77 crore accounts. Over the past many years, EPF has continued to save the money of the employees and is a vast organization in terms of its client base.

History of Employee PF

The Employee Provident Fund was announced as the Employees’ Provident Funds Ordinance on 15th November 1951. However, it received its actual status in 1952 with the Employees’ Provident Funds Act. Nowadays, the act has been renamed the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.

Under this scheme, the employees contribute a certain amount from their salaries and the same amount is contributed by their companies too. After retirement, the employee receives a sum total of the amount that he or she contributed and the employer contributed.

Calculation of Interest rate of EPF

The current rate of interest for the financial year 2021-22 is 8.50%. The interest is calculated every month but is deposited at the end of the financial year. The amount of EPF interest is calculated as follows-

The employee can contribute 12% of the basic salary + dearness allowance. If the number of employees in the organization is less than 20 or for Jute, Coir, Beedi, Brick, Guar Gum factories. The employer contributes 8.33 % towards the Employee Pension scheme account of the employee and 3.67 % is added to the employee’s EPF.

The employer also needs to pay a minimum additional charge of around Rs. 500 and in cases of no significant payment, the employer has to pay a fee of Rs. 75. The calculation goes like this:-

Monthwise EPF contribution = employee’s contribution + employer’s contribution

Interest amount = ( Month Wise contribution + interest rate )/12

Key Features Of EPF


Online registration

There is an online registration portal for the access of the EPF account. Also, the employee can track the status of their accounts and also, withdraw or transfer their funds to their current member ID. There is a help desk number over which you can give a missed call to know about your account status.

One UAN covers all accounts

The online portal of EPFO has developed the ease of doing all the tasks while just sitting at home. The registrations and everything are so simplified as compared to the earlier days when it was such a hard task.

Make all your queries online

If you are an employer, your UAN number is a rescuer. UAN is a unique code that is assigned to all PF accounts so that they can be checked whenever and wherever required.

Online PF payments steal the show

Since September 2015, it has been made compulsory that all the establishments pay PF online. This can be facilitated by the employer either directly on the EPFO website or through any authorized bank. At present, EPFO has a tie-up with 10 banks for the collection of EPF dues. These banks are PNB, SBI, Indian Bank, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.

Get the status in the passbook

All the employees can also check the status and the current balance in their Provident Fund account passbooks using their UAN.

Eligibility for Employee Provident Fund

  • ⦿ Any organization employing more than 20 people must register their companies with the employees' provident fund organization. However, companies with a number of people less than 2 can also go for registration if they wish to.
  • ⦿ If you are drawing a salary of less than 15000 per month then it is mandatory for you to open an EPF account.
  • ⦿ Any salaried individual is eligible for a Provident fund account.

Process of registration of EPF for employers

Firstly, the employer needs to furnish certain accurate details, which are as follows:-

  • ⦿ Providing the organization details such as the name of the organization, type of the organization, address, date of formation of an organization, and PAN.
  • ⦿ Also, all details regarding the head offices and all other zonal or regional branches.
  • ⦿ In case the company is a factory, then apart from the basic details, factory license number, date of License, and the place where the license was issued also have to be mentioned.
  • ⦿ If the company is an MSME/ startup, then all the respective details need to be provided.
  • ⦿ The number of persons employed in the organization needs to be mentioned.
  • ⦿ All details regarding the employees also need to be furnished.
  • ⦿ All the legal details as well as the salaries of all the employees.
  • ⦿ The banks with which the transactions are carried out.

Process of registration of EPF for employers

Firstly, the employer needs to furnish certain accurate details, which are as follows:-

  • ⦿ Providing the organization details such as the name of the organization, type of the organization, address, date of formation of an organization, and PAN.
  • ⦿ Also, all details regarding the head offices and all other zonal or regional branches.
  • ⦿ In case the company is a factory, then apart from the basic details, factory license number, date of License, and the place where the license was issued also have to be mentioned.
  • ⦿ If the company is an MSME/ startup, then all the respective details need to be provided.
  • ⦿ The number of persons employed in the organization needs to be mentioned.
  • ⦿ All details regarding the employees also need to be furnished.
  • ⦿ All the legal details as well as the salaries of all the employees.
  • ⦿ The banks with which the transactions are carried out.

Given below is a step-by-step guide on how to register your company with Filing Lounge:-

  • ⦿ Visit our website Filingloungeand select the establishment Registration option from the homepage.
  • ⦿ The user manual is given on the page. Read all the terms and conditions properly.
  • ⦿ Register on the Shram Suvidha Portal.
  • ⦿ Fill out all in the basic details and submit the application.
  • ⦿ Attach your Digital Signature Certificate and then click on the submit application form.

Documents Required For EPF Registration

List of the documents required for the EPF registration:-

  • ⦿ Pan card of the Employer.
  • ⦿ Address Proof such as Electricity bill/ telephone bill/ any utility bill(not older than 2 months).
  • ⦿ Aadhar card of the employer.
  • ⦿ Shop and Establishment Certificate/GST certificate/any other licenses
  • ⦿ Digital Signature Certificate of the Employer.
  • ⦿ Bank account statement/ canceled cheque
  • ⦿ Rent agreement/ lease

How to check EPF Balance

  • ⦿ Visit the website of EPFO at www.epfindia.gov.in
  • ⦿ Under the services section, select “For Employees”
  • ⦿ Select the “Member Passbook” option.
  • ⦿ Enter the UAN and other security details and log in to your account.
  • ⦿ Select "Member Id” to view the passbook.
  • ⦿ The PF account status can be checked.

Steps of EPF Withdrawal

EPF can be withdrawn completely or partially. Complete withdrawal is permissible if the employee has retired or has remained unemployed for 2 months in continuation. Partial withdrawal is permissible in certain cases. Give below is the procedure for withdrawal of Provident fund:-

  • ⦿ Log in to the portal with your UAN and password.
  • ⦿ Select Claim (Form 19, Form 31, Form 10C, Form 10 D) from the online services tab.
  • ⦿ A new webpage will open where you need to provide the current bank account number linked with UAN.
  • ⦿ Click on Verify and confirm the terms and conditions.
  • ⦿ Select Proceed for Online Claim.
  • ⦿ Select the reasons for withdrawal and click the terms and conditions.
  • ⦿ Enter the OTP received and your online claim for withdrawal is submitted.

Various Services Offered By The EPFO


Employees’ Provident Funds Scheme

  • ⦿ The minimum basic wage limit is Rs. 15,000.
  • ⦿ The employee can make a larger contribution to the PF scheme but the employer is not liable to pay the same amount.
  • ⦿ The administrative charge for the employer is higher (.50 % of the amount that is higher than 15,000)
  • ⦿ No wage limit for international workers.

Employees’ Pension Scheme(1995)

  • ⦿ If the employee has reached the age of 58 and is still in service, the employer is not bound to pay the contribution.
  • ⦿ If the pensioner rejoins as a new employee and is drawing a pension the employer is not liable to contribute.

Employees’ Deposit Linked Insurance Scheme(1976)

  • ⦿ The contribution should be at the rate of the maximum wage ceiling even if the employee is receiving a higher salary.
  • ⦿ The contributions are rounded off to the nearest rupee.
  • ⦿ EDLI contribution is made even after the employee is over the age of 58 and still in service.

Advantages of Employee Provident Fund

  • ⦿ An employee can receive free insurance up to Rs. 7 lakhs, in case of death during the period of service.
  • ⦿ The EPS has provided a minimum remuneration of Rs. 1000 per month with effect from 01.09.2014 for the pensioners under the EPS 1995.
  • ⦿ Under section 80 C of the income tax act, the Provident Fund scheme offers tax exemptions to the employees.
  • ⦿ The partial withdrawal facility is available under special circumstances such as medical emergency, home loan repayment, purchase of a new house, renovation of the house, the wedding of children, or self.
  • ⦿ EPF members can also avail of loans with an interest of 1 % if there is a financial emergency.
  • ⦿ With the UAN number, it has become very easy to access the PF account from anywhere.
  • ⦿ Also, the accounts can be transferred easily if there is a shift in the job.
  • ⦿ If the employee is laid off, this fund offers great economic support to the employees.

Features of Umang app

There are five services on the Umang app:-

Employee Centric Services-
  • ⦿ View passbook
  • ⦿ Raise claims
  • ⦿ Track claims to
  • ⦿ Get remittance details by establishment ID
  • ⦿ Get TRRN status
EPF general services-
  • ⦿ Search establishment
  • ⦿ Search EPFO office
  • ⦿ Know your claim status
  • ⦿ Account details on SMS
  • ⦿ Account details on Missed call
Pensioner service-
  • ⦿ View Passbook
  • ⦿ Update Jeevan pramaan
eKYC services- Aadhar Seeding

Conclusion

Employee provident fund scheme is a nationalized mission that aims to support the workforce of our country. Also, the paperless online system has made the process more convenient and up to date with the developing society. This scheme has helped millions of people around the world by giving them the ease of doing business and the ease of living for its members. We, at https://filinglounge.com/, offer various financial services at your one click. We have a team of experienced professionals who are constantly there to support our customers. In case of any inquiry related to EPF registration, kindly visit our website https://filinglounge.com/enquiry.php and fill up the inquiry form. If you are looking for an instant solution, write to us at care@filinglounge.com

Frequently Asked Questions

1. Is it possible that the employer can reduce their share of EPF contribution?

No, the employer cannot do so. It is a criminal offense.

2. When is the interest credited?

The interest is credited every month as soon as the new financial year ends.

3. Can an employee contribute to the EPF scheme after he or she quits the job?

No, the employee can only contribute as long as he or she is in service.

4. Can an employee opt-out of EPF?

No, an employee cannot opt out of the EPF scheme. It is mandatory for all salaried professionals.

5. How long does it take to register for an EPF account?

It can take almost 20-25 days to get an establishment registered.

6. Can an employer have any outstanding dues from the PF amount payable to a member?

No, the employer cannot do so.

7. If the employee is paid on a daily wage basis, how is the contribution determined?

The wages paid in a calendar month will be taken to determine the contribution date.

8. Whom to complain if the PF is not settled within 20 days?

The person whose claim is unsettled can approach the Regional P.F. Commissioner or log a complaint on the website.

9. Is there any time frame for the withdrawal of PF dues?

In case the member is resigning from service, he or she has to wait for a period of 2 months before withdrawal.

10. How will the PF be calculated for a person working in two companies?

There will be different membership for different establishments.

11. Can an apprentice be a member of PF?

No, but as soon as he or she ceases to be an apprentice, he or she must be enrolled immediately.

12. What is the formula for calculating pension?

Pension =Pensionable salary(average of last 60 months)x pensionable service/70