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+91- 8422985681
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09833628008
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hr@kshitijconsultancy.com
What is Provident Funds
EPFO is one of the World's largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members.
The Employees' Provident Fund came into existence with the promulgation of the Employees' Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees' Provident Funds Act, 1952. The Employees' Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred as the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India. The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India. The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 135 locations across the country. The Organization has a well-equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for trainings and seminars. The EPFO is under the administrative control of Ministry of Labor and Employment, Government of Indi EPFO Organization Structure (Annual Report 2015-16).
The Board operates three schemes - EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).
Advantages of Provident Fund Registration
1. Capital Appreciation
The PF online scheme offers a pre-fixed interest on the deposit held with the EPF India. Additionally, rewards extended at maturity further ensure growth in the employees’ funds and accelerate capital appreciation.
2. Corpus for Retirement
Around 8.33% of an employer’s contribution is directed towards the Employee Pension Scheme. In the long run, the sum deposited towards the employee provident fund helps to build a healthy retirement corpus. Such a corpus would extend a sense of financial security and independence to them after retirement.
3. Emergency Corpus
Uncertainties are a part of life. Therefore, being financially prepared to face such unwarranted situations is the best an individual can do deal with exigencies. An EPF fund acts as an emergency corpus when an individual requires emergency funds.
4. Tax-saving
Under Section 80C of the Indian Income Tax Act, en employee’s contribution towards their PF account is deemed eligible for tax exemption. Moreover, earnings generated through EPF scheme are exempted from taxes. Such exemption can be availed up to a limit of Rs. 1.5 Lakh.The tax benefits applicable to the Employees Provident Fund scheme ensure higher earnings to the members. It further improves savings and an individual’s purchasing power in the long-term.
5. Easy premature withdrawal
Members of EPF India are entitled to avail benefits of partial withdrawal. Individuals can withdraw funds from their PF account to meet their specific requirements like pursuing higher education, constructing a house, bearing wedding expenses or for availing medical treatment.
Documents Required for PF Registration
Copy Of PAN
Mobile Number & Email Id:
Digital Signature in the name of Employer
Address Proof of Registered office of the Company
Any License or certificate issued by government Authority
Proof of setup of Establishment
Details of Employees including Name, Address, Date of Joining, Age, gender, mobile no. etc.
Consent letter of majority of Employees
Call Us at : 8422985681 / 9833628008
PACKAGES
Basic
6999/-
Inclusive all taxes
PF registration
Premium
11999/-
Inclusive all taxes
PF registration
Class III ( Only Certificate, No Encryption )
ESIC Registration
Standard
8999/-
Inclusive all taxes
PF registration
Class III ( Only Certificate, No Encryption )
Procedure For PF Registration
Create Login ID
1 Working Day
In order to register your establishment first create Login Id and Password by visiting www.epfindia.gov.inProceed For Registration
1 Working Day
After creation of Login Id and Password proceed for the registration by filing required details. Once the Registration over register Digital Signature.Document Submission
Same Day
After registering the Digital Signature fill detailed application and attach required documents. All the attachments must be digitally signed. Once all the documents submitted Online certificate shall be issuedHow PF works
- The Provident Funds - PF would be a monthly portion of the salary that would be saved and the overview of calculation are given as such.
- Both the employer and employee contributes to the EPF at a rate of 12% of the basic salary and dearness allowance (if any) every month. The total contribution to the EPF is thus 24% per month.
Interest Calculation of PF
- The rate of interest on EPF is determined by the Union government, in consultation with the central trustee board.The interest calculated on EPFs, for the 2015-16 fiscal, is 8.75%. while contribution to the EPF is monthly, interest is calculated at the end of the fiscal.
- The compound interest is paid by the government on the time of April 1st every year and is overlooked by the central government.
FAQ’s About Provident Funds
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What companies are eligible ?
Any company belonging to any sector out of the box is eligible if they have an employee count of over 20. -
What will be average time of registration ?
The registration would take anywhere between 4-5 day depending on the working schedule of the government. -
How are the contributions made? And by whom ?
- 8.33% of the employee’s basic to the Employees’ Pension Fund Scheme
- 3.67% of the employee’s basic to Employees’ Provident Fund Scheme
- 0.5% of the employee’s basic to EDLI
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Can I make voluntary contribution to the PF? What is the benefit of it?
As an employee, you can contribute voluntarily over and above the stipulated rate of contribution. However, the contribution to VPF will have to be a fixed % of wages and not a fixed amount. Once an employee decides to contribute a certain percentage to his PF account, he must continue to do so till end of the financial year. The Employer does not have to make a matching contribution. -
Whether member can edit his details i.e.father’s name, relationship, date of birth, date of joining, date of exit as available in the EPFO database?
No, the member cannot edit his details i.e. father’s name, relationship, date of birth, date of joining, date of exit as available in the EPFO database.
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