A provident fund is a mandatory retirement saving scheme introduced and managed by Government of India for benefiting the employees on retirement. An employee gives a portion of his/her salary to provident fund and the employer should make a contribution from their side. The money in the fund is kept and handled by Government and a retiree or their surviving family (nominee in case of diseased employee) withdraws the fund. In certain cases, provident fund pays out to the disabled employee, who is not in a condition to work further. Provident Fund (PF) registration is mandatory for all companies that have more than 20 employees.
Besides the contribution of the employee to EPF, the employer has to add equal amount which is inclusive of Employee Pension Scheme (EPS), which saves you from huge pension expenses.
In certain instances such as retirement, illness or demise of an employee, provident fund helps the employee/dependents by covering the financial risks they face in such situations.
The PF account of an employee can be transferred while he/she switching jobs. UAN (Universal Account Number) linked to the Aadhaar will help to facilitate the linking of previous accounts. The EPF account can be carry forward to the new employer rather than being closed down, which ensures the rate of return compounded over years.
An Employee can make claim over the EPF amount in case of any emergencies like illness, wedding or educational expenses, which will be great support for the employee.
PAN card of establishment/Proprietor’s PAN in case of Proprietorship firm.
In case of LLP/Company
Cross cancelled cheque of establishment
Address proof that is in the name of the establishment. It can be rent agreement, Water, Electricity, Telephone bill
Specimen signature of directors and authorized signatories
Digital signature of the authorized applicant
In case of voluntary registration, consent of the majority of employees
Step 01
Step 02
Step 03
Get PF Registration Certificate & UAN (Universal Account Number)
All these in 5 – 10 Working Days*.
*Subjected to Government Processing Time
