PF Registration

PF Registration

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PF Registration - Process, Procedure, Document Required, Fees, Eligibility, Duration

Employees Provident Fund (EPF) is a retirement savings plan for employees. Every company is required to provide an EPF to its employees, which they can access upon retirement or termination of service. Organizations with a total staff size of more than 20 must register for EPF. Both the employee and the employer contribute to the PF system, which aims to give financial assistance to the employee upon retirement or termination of employment.

PF is one of the most important savings platforms for government, private, and public sector employees. Employees and employers both contribute to a Provident Fund, from which each employee receives a lump-sum payment upon retirement or termination of service.

The Employees' Provident Fund Organisation (EPFO) is in charge of provident fund regulation and management. It is under the Ministry of Labour and Employment's jurisdiction.

Significance of a Provident Fund?

A Provident Fund is a long-term savings account that is used to sustain an employee after they retire. It also represents the employee's job-related advantages. Employees benefit from the Provident Fund because it provides them with a sense of financial security. The major goal of PF, as a retirement-oriented plan, is to help people prepare financially for their retirement years. If it is not required, people should try to avoid early withdrawal of PF.

Following the resignation, there is usually a two-month waiting period before one can withdraw their PF funds. One can withdraw the PF account balance after immediately resigning if they do not take the next job.

PF Registration - Get Expert Advice

PF Registration - Get Expert Advice

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PF Registration Frequently Asked Questions

PF registration is available to all enterprises with 20 or more employees. However, establishments with fewer than 20 employees may be eligible for PF registration in specific cases, depending on the circumstances and the exemption. If the establishment employs fewer than 20 people, the contribution rate for both the owners and the employee is capped at 10%. The employer must get PF registration within one month of reaching the required employee strength. In the event of failure, the employer will be fined. Employers are required to contribute 12% of the employee's wage (Basic + Dearness Allowance + Retaining Allowance). The employee is required to contribute an equal amount to the fund. The employee's portion and the employer's share are submitted to the EPFO within 15 days of the end of each month.
EPF benefits are available to employees earning less than Rs.15000 per month. During the salary period, the employee's contribution is deducted from their pay. The EPFO fund is made up of the employee's portion and the employer's contribution. When an employee retires or leaves a job, they receive their PF balance plus tax-free interest.
Employers who wish to register for PF must provide the following documentation together with the registration form: • PAN card • Address proof of the office • Aadhar card • Canceled Cheque Or Bank Statement • Digital Signature • Hired/ Rented or Leased Agreement
Employers who want to register their employees for PF online can do so through Credence Corporate Solutions. We assure you that registering for PF will be a hassle-free experience for you. We set to work by filling up the application form and submitting it on time once you submit the relevant information and documents. Our team takes utmost care that the process of PF registration goes smooth and the PF number is provided to you at the earliest.

Ask Questions about PF Registration

+91-9910606389, 18001236389
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Get Free Consultation on PF Registration

+91-9910606389, 18001236389

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