PF Registration Online
Provide Provident fund benefits to your employees by getting PF Registration Online. Register your company with Employees Provident Fund Organisation (EPFO). 100% online and hassle-free process for EPF Registration.
Employee’s Provident Fund(EPF) Registration
EPF registration is mandatory for establishments that employ 20 or more employees. It is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Both the employer and employees contribute a percentage of the employee’s salary to the EPF fund.
The EPF scheme aims to provide financial security and retirement benefits to employees in the organized sector. It requires both employers and employees to contribute a certain percentage (12%) of the employee’s salary to the EPF fund. The contributions made over the course of an employee’s career accumulate as a corpus, which is then paid out as a lump sum or a monthly pension after retirement or in certain other circumstances.
Key features of the EPF scheme
Both the employer and the employee make contributions to the EPF fund. The current contribution rate is 12% of the employee’s basic salary plus dearness allowance (DA).
Each employee has an individual EPF account, which records the contributions made by both the employer and the employee. The account reflects the accumulated balance, interest earned, and any withdrawals made.
Universal Account Number (UAN)
The EPFO issues a unique Universal Account Number to every EPF member, which remains constant throughout their employment. The UAN facilitates portability and ease of access to EPF services.
The EPF contributions earn interest, which is determined by the EPFO every year. The interest rate is typically higher than regular savings accounts and is credited to the employee’s EPF account annually.
Employees can withdraw their EPF balance partially or fully, subject to certain conditions, such as retirement, resignation, medical emergencies, home loan repayment, or after a specified period of unemployment.
Employee Pension Scheme (EPS)
In addition to the EPF, a portion of the employer’s contribution is allocated to the Employee Pension Scheme (EPS). This scheme provides a monthly pension to the employee upon retirement or disability.
EPF Online Services
The EPFO provides various online services, including EPF balance check, online transfer of EPF account, EPF withdrawal claim, and access to passbook details, through its online portal and mobile app.
Process for PF Registration
Bizindigo will help your business to obtain PF Registration in 5 to 7 working days, subject to government processing time.