PF/EPF registration

/PF/EPF registration
PF/EPF registration 2019-11-11T09:51:05+05:30

PF & ESI PRICING

  • Copy of PAN card (Applicant and employees)

  • Canceled cheque and bank Detail of applicant

  • Certificate of incorporation/ Partnership deed/ LLP agreement (Company/ Partnership/ LLP as the case may be).

  • Attendance register

  • Registration under other acts (Factories act or Shop and establishment act)

  • Salary detail of employees.

Full list of documents
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Provident Fund/ Employee Provident Fund (EPF)

About

Employee Provident fund is the saving scheme and guided by Employee’s Provident Funds and Miscellaneous Provision Act, 1952. It was introduced to whole India except Jammu and Kashmir.

ESI (Employee State Insurance Corporation) Registration

About:

ESI full form is Employee State Insurance Corporation which comes under the Ministry of Labour and Employment, the government of India. At present, the contribution of the employer 4.75% of the monthly salary of the employee and 1.75% of employee own monthly salary.

Employees’ State Insurance Scheme (ESIC) was introduced to protect the interest of workers in life uncertainties like permanent or temporary disability, good medical care, sickness, etc.

 ESI Applicability:

At present, this scheme is applicable to those establishments who give employment to 10 or more than employees in them. (But in Maharashtra and Chandigarh the limit of an employee is 20 or more). However, at present, this scheme is not applicable to Arunachal Pradesh and Lakshadweep.

ESI Documents:

  • Copy of PAN card (Applicant and employees)
  • Canceled cheque and bank Detail of applicant
  • Certificate of incorporation/ Partnership deed/ LLP agreement (Company/ Partnership/ LLP as the case may be).
  • Attendance register.
  • Registration under other acts (Factories act or Shop and establishment act)
  • Salary detail of employees.

ESI Advantages:

  • It gives a roof to the employees of the enterprise from various diseases.
  • Provide a helping hand to women in case of maternity.
  • It gives access to each employee to ESI hospitals and dispensaries.
  • It also secures the dependents of employees.

FAQ’s

The following schemes fall under this act:

  • Employees’ Provident Funds Scheme, 1952
  • Employees’ Pension Scheme, 1995
  • Employees’ Deposit Linked Insurance Scheme, 1976

8.33% towards EPS
+
3.67% towards EPF

12% or 10%* of basic salary and DA

Employer contribution Employee Contribution

Note to keep handy:

  • In addition to EPS and EPF employer had also to bear administration charges.
  • 10% rate of employee contribution is applicable to the following entities:
  1. Any establishment in which less than 20 employees are employed.
  2. Any sick industries which is declared by the board of Industrial and Financial reconstruction.
  • Any entity who had loss in end of the financial year and accumulation of its loss are greater than its net worth of entity.
  1. Any establishment like a) Jute, b) Brick, c) Guar gum, d) Beedi

In simple language, to every in which 20 or more persons are employed.

List for the major documents required for registration:

  • Copy of pan card of the entity
  • Copy of ID proof of the entity
  • Copy of address proof of the entity
  • Copy of business registration certificate
  • Copy of company/LLP/Society/Partnership certificate or deed
  • Register of salary and wages with each person detail in it
  • List of partner/Directors/Members with current address proof and contact info.
  • Banking detail of the account (Cancelled cheque)
  • Copy of first sale/ purchase bill
  • If employer fails to deposit the contribution amount to any of the scheme the damages and penalty will be charged in the form of huge interest (See below table):
Delay in months % Rate of damages (p.a.)
Scheme Name EPF EPS EDLI
Less than 2 months 5 % 5% 17%
2 months and below 4 months 10% 10% 22%
4 months and below 6 months 15% 15% 27%
6 months and above 25% 25% 37%

Advice: Never delay the payment towards contribution of any of the scheme.

This act applies to all of the following establishment who employees 10* or more persons:

  • Non-seasonal factories
  • Shops
  • Hotels and Restaurant
  • Theatres and Cinemas
  • Newspaper
  • Private medical and Educational Institutions

Note * This limit is 20 in Maharashtra and Chandigarh

4.75% of the wage payable 1.75% of the wage payable
Employer contribution* Employee Contribution*

Note 1* If it’s a newly implemented areas, then contribution will be 3% for employer and 1% for employee for the first 24 months or 2 years.

Note 2 In addition to the above contribution State government also contribute 1/8th of the medical benefit expenditure within the ceiling limit of ` 1500/- per insured person.

Employees whose wage per day is up to 137/-` are exempted from contribution to ESIC scheme. However, employer will contribute his share to the scheme.

The wage limit for an employee is 21000/- per month*

Note * The upper wage limit is 25000/- per month for an employee with disability under the person with disability Act, 1995.

List for the major documents required for registration:

  • Copy of pan card of the entity
  • Copy of ID proof of the entity
  • Copy of address proof of the entity
  • Copy of business registration certificate
  • Copy of company/LLP/Society/Partnership certificate or deed
  • Register of salary and wages with each person detail in it
  • List of partner/Directors/Members with current address proof and contact info.
  • Banking detail of the account (Cancelled cheque)
  • Copy of first sale/ purchase bill
  • If employer fails to deposit the contribution amount to any of the scheme the damages and penalty will be charged in the form of huge interest (See below table):
Period of delay % rate of interest (p.a.)
Less than 2 months 5%
2 months and below 4 months 10%
4 months and below 6 months 15%
6 months and above 25%

Advice: Never delay the payment towards contribution of any of the scheme.

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