PF

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 Frequently Asked Questions

Eligibility criteria to avail EPF benefits?

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.

What are the steps for EPF registration for employers?

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.

What are the documents required for EPF registration?

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 Calender