Registration Process in Credible Corporate Services
Employee Provident Fund, often called EPF, is a social security scheme. It is intended to help employees save a fraction of their income to reap benefits later in life. The main objectives of this scheme are to ensure that employees have adequate financial security at the time of retirement. EPF registration in India is compulsorily required for all organizations with more than 20 employees working under them. This falls under the Employees Provident Funds and Miscellaneous Provisions Act, of 1952. Online EPF registration is quite a simple procedure, as is offered by Credible Corporate Services.
Important EPF Updates
The government has increased the interest rate in EPF accounts by 8.25%. Thus, the interest rate in EPF has been enhanced.
EPF can be easily registered online by an employer through three easy steps.
Free Consultation and Form Filing
Our professionals assist you through this process.
Data Verification
We engage with your staff to ensure that the information is correctly provided.
PF Number Generation
Your EPF registration number will be issued within the shortest possible time.
According to the Employees Provident Fund and Miscellaneous Provisions Act, 1952, an "employee" is any person performing services to earn remuneration. This encompasses:
Working employees who have always been employees.
Working on part-time shifts less than full-time employees.
All remote working employees may be registered under EPF.
Working on a contract basis for a particular project/service.
Introduced under the Social Security Code, 2020. They can get EPF benefits.
Employers share the amount equally to the EPF account to enjoy pension benefits.
EPF savings can be used on emergencies such as medical bills or wedding purposes.
An EPF provides an employee with financial protection that comes in terms of illness, death, or retirement.
Give employees low-cost insurance premiums.
The EPF account will be transferred for a change of jobs, and this will help employees gain interest compounded over the years.
Under the EPF, employees can save for large expenses such as buying a property or investing in education for their children.
A firm is legally required to register under EPF if it employs more than 20 workers. The government may however allow registration for smaller organizations on an individual basis.
Those earning below ₹15,000 per month are compulsorily eligible for enrollment in EPF. Others earning more than ₹15,000 are allowed a voluntary membership.
Among the persons who are exempted from filing professional tax returns, some of the classes are included as follows: Those professional taxpayers whose tax liability falls within the exemption threshold
Card of the establishment
Certificate of Incorporation
Cross-Cancelled Cheque
Address Proof like a rent agreement, utility bills
Signature Specimen of directors/authorized signatories
Digital Signature Certificate (DSC) by the authorized applicant
Employee Consent in case of voluntary registration, etc
Other documents required may include the first sale/purchase bill, GST registration certificate, and salary records.
Once registered, the employees will be provided with a Universal Account Number (UAN). Using UAN, EPF balances are transferred from one job to another and allow the employee to track their PF contributions. The activation of the UAN allows various services of EPF like receiving funds and making claims.
Registration in EPF online is very simple with Credible Corporate Services as all the legal and technical portions, including the forms, get filled and submitted to the EPFO portal. Here's how we make it all simple for you:
We explain the whole process of EPF registration.
You provide the required documents to us.
We ensure errorless ways of filling the forms.
We help you save time and ensure that your PF number is issued within 5-10 business days (processing time may vary).
The overall PF contribution is 12 percent of a staff member's basic salary. The split is as follows:
3.67 percent toward the Employee Pension Scheme (EPS)
1.1 percent toward administrative costs
0.5 percent toward the Employee Deposit Linked Insurance Scheme (EDLI)
0.01 percent toward EDLI administration costs
For the same amount that the employee contributes, the employer is supposed to contribute an equal amount with a cap on the pension scheme at 8.33%.
Once a business entity has registered itself with EPFO, it has a certain set of monthly and yearly obligations, such as:
Monthly returns
Upload Electronic Challan cum Return through the EPFO portal.
Contribution Payments: The contribution of the employer, along with that of the employee, should arrive before the 15th of the next month.
Why Register with EPF by Employers?
Registration with EPF is one thing, but it is also a good avenue for your employees. Salaries are eligible to be set aside as TDS; however, on or before the due date, the employer has to file the EPF contributions. Failure to file might attract penalties.
Credible Corporate Services easily registers your EPF by getting the services of experts to get:
With customized services, we ensure complete compliance.
Document collection, form submission, and follow-up are all professionally undertaken.
You will get your EPF number in a few days.
We offer quality services at the best competitive prices to small, medium, and large-scale businesses.
Takes care of all the rules and regulations on your behalf, reducing errors on your part.
We take care of everything from start to finish.
Keep your business updated with all the latest regulations of EPF.
We ensure quick processing to fulfill your immediate business requirements.
Our services are at a very competitive price, which will be very fruitful for your business.
Credible Corporate Services is a go-to partner that can ensure that EPF registration needs for any business are met with a smooth, hassle-free experience. Let Credible Corporate Services handle your EPF Registration, so you can focus on exploring other business growth opportunities.
Let Credible Corporate Services handle your EPF registration, so you can focus on exploring other business growth opportunities.