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What is EPF?

EPF stands for Employees Provident Fund, EPF is a retirement saving scheme provided by the government for all salaried employees in India, on which fixed interest is regularly paid.

The Employee Provident Fund is a perquisite given by the employer to their employees over and above their basic remuneration.

Benefits of EPF Registration

Tax benefits

Apart from the fact that an employee's contribution towards an EPF account is eligible for tax exemption under Section 80C, the interest rate earned is exempt from income tax. According to experts, your EPF account continues to earn interest even if it has been lying dormant for more than 3 years

Lifelong pension

While employers and employees both contribute 12% of wages in EPF, 8.33% of the employer's share is diverted towards the Employees' Pension Scheme (EPS). According to the retirement fund body, 10 years of contributory membership ensures lifelong pension under Employees' Pension Scheme 1995.

Insurance benefit

Then there are the benefits promised under the Employees Deposit Linked Insurance (EDLI) Scheme, which is an insurance cover provided by the EPFO. The registered nominee will receive a lump-sum payment in the event of the death of the person insured, during the period of the service.

Premature withdrawal option

While EPFO strongly advises against treating PF money as a bank account - after all, the social security benefits accrue only when continuity is maintained - the body allows its members to make partial withdrawals after 5-10 years of service for meeting specific needs including medical treatment, home loan repayment and unemployment.

Higher returns

That's not all. There is also the possibility of higher returns on your PF kitty in the future. The EPFO invests 5-15% of its investible deposits in exchange traded funds (ETFs).

Time Required for EPF Registration

EPF registration requires a time of 1-10 days based on type of entity

Process of EPF Registration

Following are the steps for EPF Registration

• To register the organisation, the employer will need to visit the EPFO portal, which is https://www.epfindia.gov.in/site_en/index.php and click on the option that says, ‘Establishment Registration’.
• Clicking on ‘Establishment Registration’ will lead you to the next page, which is https://registration.shramsuvidha.gov.in/user/register, where the manual can be downloaded. The user manual must be read completely by a new user before registration.
• Click on ‘Sign Up’ Button.
• Clicking on ‘Sign Up’ will ask for the Name, Email, Mobile Number, and Verification Code to be filled. After these details are filled, click on ‘SIGN UP’ to create your account.
• There will be an option called ‘Registration For EPFO-ESIC’.
• The next page will give you an option called ‘Apply for New Registration’. Clicking on that will give two options called ‘Employees’ State Insurance Act, 1948’ and ‘Employees’ Provident Fund and Miscellaneous Provision Act, 1952’, which can be checked and then click on the ‘Submit’ button
• This leads you to a page where the details of the employer such as Establishment Details, eContacts, Contact Persons, Identifiers, Employment Details, Particulars of workers, Branch/Division, Activities, and Attachments are mentioned. All mandatory details that must be filled under each section are displayed with a red asterisk.
• The summary of the registration form can be viewed on the dashboard.
• Click on the ‘Submit’ button to submit the registration.
• This is followed by the employer’s Digital Signature Certificate (DSC) registration. For a fresh EPF registration application, DSC registration is mandatory.
• completion of DSC registration, you will receive an email from Shram Suvidha with a confirmation that the registration has been completed.

Documents Required for EPF Registration

Employers need to furnish the following details to get EPF registration

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• Name & address of your company
• Head office & branch details
• Date of company incorporation
• Total employee strength
• Type of business activity
• Nature of business.
• Director/partners’ details
• Employee’s Basic details
• Employees’ salary details
• Bank account details of the company
• PAN card