Provident Fund is one of the most important benefits provided to the employees at the time of exit from a certain company or in a lump sum during retirement.
Employee Provident Funds and Miscellaneous Provisions Act, 1952 which is regulated by the Employee Provident Fund Organization has defined the Employee Provident Fund as an initiative to give a social benefit to the employees.
Any Organization or a Company that has 20 employees can obtain for Employer Identification Number (EIN Number), and in case the strength is less than 20, it can voluntarily apply for EIN. These employees include temporary workers, daily wage workers, security, housekeeping staff, contractors, temporary employees etc.
The Company must apply and receive the EPF registration certificate within 30 days of having a strength of 20 employees.
Only after this Central PF Commissioner passes notification in the Official Gazette, the registration process can follow. Finally, after which the employees become eligible for a provident fund from their employment date. Here the contribution will be 12% by the Employer and Employee where Employer is responsible to deduct and pay the amount to Provident Fund.
Here is the list of documents that are required for the EPF registration process.
An employer can register either online or offline through the Registration Form that can be downloaded from the EPFO website. (2)
Step 1: Registering with EPFO – Visit the EPFO website as below to click on “Establishment Registration” option
Step 2: User Manual – The screen as below appears and click on “Download Manual” option. All new users can go through the User Manual instructions to proceed further with the registration process.
Step 3: DSC (Digital Signature Certificate) Registration – The ‘Instruction Manual’ has all the procedure regarding employer registration followed by DSC registration.
Step 4: Filling form with Employer Details – One has to select the box that says, “I have read the instruction manual” and click on “Register” option to proceed further.
A page is opened where all Employer details need to be filled in along with the mandatory fields.
The details like First Name, User Name, PAN of Employer as per Income Tax Department records, Hint Question / Answer, Mobile Pin needs to be entered to proceed further.
Step 5: Then one must click the option “I agree to the above declaration” to continue with submission.
Step 6: An email will be sent on the given email id that needs to be activated to complete the application submission procedure for registration.
The very first benefit of Provident Fund is the coverage available towards various risk factors an employee along with his family or dependents may face due to retirement, health issues, illness or in case of any event.
Meeting Long-term Goals
The lump sum amount.
A. The Provident Fund or Employee Provident Fund is a kind of benefit provided to the employees above their basic salary which would be useful after retirement or in case of any requirement or event.
A. The beneficiary of PF will not be able to view the details of Employer Portal of EPFO or check the PF status unless he registers with EPFO. The registration process will be complete within 4-5 days.
A. The member must register with EPFO and go through pre-requisite to file the online claim. Both the old and new member IDs, i.e., P.F. Account No should be available in the records of EPFO.
A. No. The member can’t edit any of the details like Date of Birth, Date of Joining, Last day of Employment, Father’s Name etc.
A. There could be reasons like:
a. The employer has not yet submitted the Electronic Challan cum Return (ECR) or the previous returns that have the Member ID
b. Another reason could be that the ECR is not updated in the EPFO database even if its submitted by the Employer
A. In such cases, there is an option available online, and the member can select the option – “The following information is incorrect” where he can edit the fields with correct information. And then he can take a print out of the generated PDF Form, sign on it and submit through the previous employer at the EPFO office.
To submit an online claim, either the member has to wait until the correct details are updated in the EPFO database or submit a physical claim through the employer.
Employee Provident Fund ensures social security which is a great initiative by the government that has many benefits attached to it.
As per Employees Provident Funds and Miscellaneous Provisions Act, 1952, the EPF registration is mandatory for all the employees on Employee Provident Fund Organization (EPFO) web site. All the Companies/Organizations that hire more than 20 employees both contractual and full-time are supposed to register with EPFO.
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