What is Provident Fund (PF) Registration?
Provident Fund (PF) Registration
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.
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Benefits of PF Registration
Pension Coverage
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.
Financial Risk Coverage
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.
Single EPF Account
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.
Funding the Emergencies
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.
Documents Required for Provident Fund Registration
PAN Card
PAN card of establishment/Proprietor’s PAN in case of Proprietorship firm.
Certificate of incorporation
In case of LLP/Company
Bank Cheque
Cross cancelled cheque of establishment
Address Proof
Address proof that is in the name of the establishment. It can be rent agreement, Water, Electricity, Telephone bill
Signature
Specimen signature of directors and authorized signatories
Digital Signature
Digital signature of the authorized applicant
Consent
In case of voluntary registration, consent of the majority of employees
Apply for Provident Fund Registration in 3 Easy Steps
Step 01
Register & Pay
Select any package suits your requirement · Fill up the form which will take less than 10 minutes · Provide details & upload documents required for Provident Fund Registration · Make payment through secure payment gateway. Step 02
We Will Help
Your queries will be answered quickly and effectively · Discussion on PF Registration · Preparation of application by experts · Filing of online application Step 03
Registration Complete
Get PF Registration Certificate & UAN (Universal Account Number) All these in 5 – 10 Working Days*.*Subjected to Government Processing Time
The Process of Provident Fund Registration Online
- 1
Day 1 - 2
Collection of Information · Collection of required documents
- 2
Day 3 – 4
Verification of information and Documents provided · Discussion on PF Registration
- 3
Day 5 – 10
Preparation and submission of PF Registration application online · Government Processing Time · PF Registration Certificate & UAN (universal Account Number) · *Subjected to Government Processing Time
Frequently Asked Questions
Both the employee and employer contribute 12% of the salary. The employers part consists of 12% of basic wages + dearness allowance + retaining allowance. If the number of employees is less than 20 in the firm, then the PF rate is 10%.
Yes. PF has a direct impact on the pension of an employee. The amount contributed by the employer towards EPF, 8.33% of it goes to the EPS, i.e., Employee Pension Scheme.
Yes. An employee can make claim over his EPF in certain emergency situations such as illness, educational expenses or wedding expenses or him/herself or dependents.
12% is the basic salary of an employee is the contribution from employee side and the same amount should be contributed by employer too.
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