Overview

The EPF, or Employee Provident Fund, is regulated by the Employees Provident Fund and Other Regulations Act, 1952. This critical law governs the EPF contributions made by employees in the corporate, government, and public sectors. Any business, regardless of size, must register with the PF or EPFO if they have 20 or more employees. Additionally, companies with fewer than 20 workers have the option to register online in India on a voluntary basis, further demonstrating the importance of ensuring employer compliance with this vital law.

Here's all you need to know to make the most of this social security scheme:

EMPLOYEES PROVIDENT FUND: THE IDEAL SAVINGS SCHEME FOR INDIANS

- The Employees Provident Fund is an immensely popular savings method among Indians.

- The contract worker positions for security, housekeeping, and labor services number at least 20.

- Upon appointment, employees have a one-month window to complete their registration.

- Late registrations will be subject to penalty.

- PF registration is designed as a social security measure for retirement funding.

- Monthly discussions and coordination between employers and employees are a must.

- Employees may withdraw their PF assistance upon retirement, but with certain limitations.

- Employers that have registered must file their monthly returns.

EPFO's(Employee Provident Fund Organisation) key aims:

- Verify employees only have one EPF account

- Provide online accessibility to member accounts

- Simplify compliance

- Promote voluntary compliance

- Ensure reliable internet services

- Ensure organizations follow EPFO laws and regulations

- Shorten claim settlement times from 20 to 3 days

EPFO offers various schemes to individuals such as,

- EPF (Employees Provident Funds Scheme 1952)

- EPS (Employees Pension Scheme 1995)

- EDLI (Employees Deposit Linked Insurance Scheme 1976)

 Benefits of EPF Registration Online in India:

- EPF aids in long-term financial planning

- No need to invest in a lump-sum amount

- Employees' salaries are deducted on a regular basis so it helps in saving money over time

- Assists in financial emergencies

- Helps in saving for retirement so it encourages a healthy lifestyle.

MANDATORY EPF REGISTRATION REQUIREMENTS FOR EMPLOYEES IN INDIA

- EPF is a retirement savings plan governed by the EPFO and established in 1952 through the Employees' Provident Funds and Miscellaneous Provisions Act

- Aims to provide social security benefits to employees and strengthen employer-employee relationship as well as employers must follow laws and standards to access EPF benefits

- Registration is required for companies with a membership of 20 or more within one month of reaching that number. Co-operative societies with 50 or more employees are also required to register

- Participating in EPF is voluntary for employers with less than 20 workers.

- Fines imposed for late registration and registered organizations are subject to the rules and regulations.

- Employees earning less than INR 15,000 per month are required to be registered in EPF and employees earning more than INR 15,000 must obtain permission from the Assistant PF Commissioner to be registered in EPF.

- The EPF registration scheme applies to the entire country of India, except for Jammu and Kashmir.

Important due date for PF filing:

Please note the following deadlines for filing monthly and yearly PF returns and invoices:

- Monthly returns and invoices are due by the 15th day of every month (this requirement applies to both your company registration/entity and all employees).

- Yearly returns are to be submitted no later than April 30th of the relevant year.

Steps for PF registration online in India:
The online procedure for PF registration in India must be followed by employers to obtain registration under EPFO.
1.    FOR REGISTRATION OF THE COMPANY, visit to the official EPFO website- https://www.epfindia.gov.in/site en/index.php. and from the drop-down menu, choose 'Establishment Registration.'
2.     Proceed by clicking on 'Establishment Registration', and you will be directed to https://registration.shramsuvidha.gov.in/user/register. Don't forget to access the manual before registering, as new users must read it thoroughly.
3.    Step 3:  Hit the 'Sign Up' button!
4.    Upon clicking 'Sign Up,' you will be directed to input your Name, Mobile Number, Email, and Verification Code. Fill in these critical details and press 'Sign Up' to successfully establish your account.
5.     Registration for EPFO-ESIC option will be available.
6.    Go to the next page and find the 'Apply for New Registration' option. Once selected, two choices will appear - 'Employees' State Insurance Act, 1948' and 'Employees' Provident Fund and Miscellaneous Provision Act, 1952.' Ensure you review both options before hitting 'Submit.'
7.    You'll be directed to an employer information page that includes Establishment Details, e-Contacts, Contact Persons, Identifiers, Employment Details, Worker Specifications, Branch/Division, Activities, and Attachments. Be sure to complete all sections marked with a red asterisk indicating necessary information.
8.    Take a moment to view a summary of your registration form conveniently located on the dashboard.
9.    Once you have verified the accuracy of your registration form, simply click on the 'Submit' button to complete the registration process.
10.    Remember, for new EPF registration online applications, it is mandatory to complete the employer's Digital Signature Certificate (DSC) registration.
11.    After completing your DSC registration, be sure to keep an eye out for an email from Shram Suvidha confirming that the registration process has been successfully finalized.