Credence Corporate Solutions
×
Join Group For Compliance Updates
PF

PF

Get Special Discount

CONNECT TO AN EXPERT

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

Employees’ Provident Fund (EPF) is a savings scheme that has been launched by the Employees' Provident Fund Organization (EPFO), one of the largest social security organizations in the world, under the authority of the Labor and Employment Ministry, Government of India. This scheme offers various benefits to the employee during the time of retirement from any organization.

EPF is a program under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under this scheme, an employee has to contribute a certain amount of money and the equal amount of money must also be paid by the employer. At the time of retirement, the employee receives a lump sum amount of money which includes self and contribution of the employer with interest on both. Presently, the employee and employer need to contribute 12 percent of the basic salary and dearness allowance of the employee towards EPF. At present, the rate of interest on EPF deposits is 8.50 percent per annum. 

Benefits of Employees’ Provident Fund scheme

There are different benefits of registering under the EPF scheme which is as follows:

  • A PF account holder will receive free insurance up to Rs 7 lakhs in case of death during the service period under the Employees’ Deposit Linked Insurance Scheme.
  • An EPF subscriber can avail of the benefits of a lifelong pension scheme under Pension Scheme 1995.
  • The EPF scheme also provides tax exemption to a PF Account holder under Section 80C of the Income Tax Act.
  • During an emergency, a PF holder can also apply for a loan.
  • A PF account holder is entitled to partial fund withdrawals in certain cases like home loan repayment, medical emergency, renovation of the house, construction or purchase of a new house, wedding of children or self, etc.
  • A PF holder with a minimum of 15 years of regular monthly PF contribution is eligible for pension after 58 years of age.

PF - Get Expert Advice

PF - Get Expert Advice

+91-9910606389, 18001236389
Connect with Expert WhatsApp

PF Frequently Asked Questions

The eligibility criteria to avail of the benefits EPF scheme are mentioned below: • It is mandatory to register for an EPF account for employees with a monthly salary of Rs.15, 000 or less. • As per law, any organization that has more than 20 employees, must register for the EPF scheme. • Companies or business establishments with less than 20 employees can also register for the EPF scheme on a voluntary basis. • Employees who receive a monthly salary of Rs.15, 000 or more can also register for a PF account only after they get approval from the Assistant PF Commissioner.
EPF registration process can be done online. Our professional experts at Credence Corporate Solutions process the application thoroughly at every stage from right from submission to completion, to ensure that registration is completed as quickly as possible. The process for EPF registration is: • First, visit the EPFO portal and click on the ‘Establishment Registration’ tab on the homepage. • Next, you will be redirected to the Unified Shram Suvidha Portal (USSP) sign-up page. Click on the ‘Sign Up’ button. • On the next page, provide the details such as Name, Mobile Number, Email ID, and Verification Code. Now, click Sign Up to create the PF account. • Now, login to the USSP and click the Registration for ‘EPFO-ESIC’ button. • Next, choose the ‘Apply for New Registration’ tab. • Now, choose the ‘Employees’ Provident Fund and Miscellaneous Provision Act, 1952’ and click on the ‘Submit’ to continue. • The ‘Registration Form for EPFO’ page will open where you will have to provide details such as Establishment Details, Contact Persons, eContacts, Employment Details, Identifiers, Branch or Division, and Activities. • Next upload the Digital Signature Certificate (DSC) of the employer and other the relevant documents after filling the ‘Registration Form for EPFO’ • After the DSC is uploaded, you will get a message and an email from USSP after successful completion of the registration form confirming that the EPFO registration process has been successfully done.
The employer has to attach the following documents along with the ‘Registration Form for EPFO’- • PAN Card of Partner or Proprietor or Director. • Address proof (Electricity Bill/ Telephone Bill/Water Bill of the Registered Office) not older than 2 months. • Aadhar Card of Partner or Proprietor or Director. • Shop and Establishment Certificate, GST Certificate, any license issued by the government for the organization or business establishment. • Digital Signature of the Partner/ Proprietor/Director. • Bank Statement or Cancelled Cheque of Entity. • Leased or Hired or Rented agreement, if any. • Proof of license issued by the Identifier or Licensing Authority.

PF Important Due Dates

Ask Questions about PF

+91-9910606389, 18001236389
Ask Questions WhatsApp

PF Related Sevices, You may be interested

Get Free Consultation on PF

Get Free Consultation on PF

+91-9910606389, 18001236389
Consult Now WhatsApp

Why to Choose
Credence Corporate Solutions
for PF ?

30+

Offices in India

15+

Years Experience

SAVE

Your Time

CASH

Back Guarantee

Credence Corporate Solutions Pvt Ltd is one of the leading Online Business Solution Company in India, where any Large, Medium or Small business houses as also Entrepreneurs get Start-up services and Taxation solutions. One stop business set-up and corporate services company. We are a team of Professionals and Associates like Chartered Accountants, Company Secretary and Consultants with vast knowledge and experience, committed to provide consistent, customized and workable solutions in the fields of ROC, Taxation, Accounting, Labour Laws, Audits, etc...

Read More

Latest Updates

Get the latest company news, corporate information, and more on Credence Corporate Solutions. View this section for the recent information on Company Registration, Licenses, GST, Income Tax, Trademark, Product Mark and other topics. Get to chat with our business experts, read business articles, and stay up-to-date on the newest business news.

How can I reduce my taxable income legally? Apr 26, 2024
INCOME TAX RETURN

How Can I Reduce My Taxable Income Legally?

Legal Strategies to Reduce Taxable Income 1. Contribute to Retirement Accounts: Contributions to retirement accounts like Traditional IRAs, Roth IRAs, 401(k)s, 403(b)s...

Read More
What is the difference between a tax refund and a tax rebate? Apr 25, 2024
INCOME TAX RETURN

What Is The Difference Between A Tax Refund And A Tax Rebate?

Understanding Tax Refunds and Tax Rebates A tax refund and a tax rebate are both forms of reimbursement or repayment issued by tax authorities to taxpayers, but they d...

Read More

© 2020 CREDENCE CORPORATE SOLUTIONS PVT. LTD. | Website by Wits Digtal Pvt. Ltd.