PF Registration Process Online for Employees in India
The Employees' Provident Funds is a scheme established by the Provident Funds and Miscellaneous Provisions Act of 1952 for employees in India. The Employees' Provident Fund Organization (EPFO) is one of the largest social security agencies in the world in terms of clientele and the volume of financial transactions processed and is in charge of overseeing it. EPF essentially functions as a benefit the company offers employees during retirement.
Any business in India that has hired 20 people or more is eligible to apply for PF registration. Sometimes establishments with less than 20 employees are still eligible for PF registration, depending on the circumstances and the exemption. On retirement or resignation, the employee receives a sum comprising both their and the employer's contributions, plus interest.
Since TDS is deducted from employees' paychecks, companies should ensure that employees have their EPF accounts registered. Furthermore, only when employers created challans via the EPFO employer site would they be obligated to process remittances. Hence, they have to go through this process.
1. Covers the Risks
The primary purpose of the Provident Fund is to cover the risks that employees and their dependents might experience due to retirement, illness, or death.
2. Consistency in Account
The most significant feature of the Provident account is that it is consistent and transferable. The PF account can be transferred to any other place of employment.
3. Useful for Long-term Goals
Many long-term objectives, like getting married or going to college, need that money to be available right away. The quantity of accrued PF is typically helpful in such instances.
4. Employee Deposit Linked Insurance Scheme
Each and every PF account holder can avail of this scheme. It states that a 0.5% of salary deduction is made for the life insurance premium.
5. Need in Emergency
Unexpected occasions like weddings or other family gatherings, as well as any accident or illness, call for emergency financial support. The PF amount can prove to be beneficial in these instances.
What Are the Eligibility Criteria for PF Registration?
The following requirements must be met by an organisation in order to apply for PF Registration:
A factory with 20 or more workers on staff overall.
An organisation with more than 20 employees. Here, the class of such enterprises is defined by the Central Government.
An organisation with less than 20 employees and has been aware of the requirement to register for at least two months.
Businesses with less than 20 workers (Note: Such businesses are required to give notice to the Employees' Provident Fund Organization in no more than two months)
Online Process for PF Registration in India
Step 1. Go to the EPFO Website
Choose the "Establishment Registration" button on the homepage of the website.
Step 2. Register on USSP
You can access the USSP (Unified Shram Suvidha Portal) registration page by clicking the "Establishment Registration" button on the EPFO website's home page. The employer is required to click on the "Sign Up".
The employer must provide their Name, Email, Mobile Number, and Verification Code on the next page and click on the "Sign Up" button to create an account.
Step 3. Fill Registration Form
The employer must log into the USSP after creating an account on the UUSP and choose the "Registration For EPFO-ESIC" button that is located on the left side of the screen. Afterward, click the "Apply for New Registration" button on the screen's right side.
The "Employees' State Insurance Act, 1948" and "Employees' Provident Fund and Miscellaneous Provision Act, 1952" options will be available. The employer needs to select the "Employees' Provident Fund and Miscellaneous Provision Act, 1952" and press the "Submit" button.
The "Registration Form for EPFO" page will open after pressing the "Submit" button, and the employer must fill out the fields for the establishment details, contacts, contact persons, identifiers, employment details, branch/division, and activities.
Step 4. Attach Digital Signature Certificate (DSC)
The employer's Digital Signature Certificate (DSC) must be uploaded and attached to the "Registration Form for EPFO" after it has been fully filled out. Once the employer's DSC has been uploaded, the employer will receive an email from Unified Shram Suvidha Platform confirming the completion of the PF registration online as well as a note stating that the registration form was successfully completed.
Conclusion
As you can see, the PF registration process requires knowledge and skill, it is complicated and might be confusing for employers. If you filled out or attached the incorrect information or documents, action may be taken against you. Therefore, apply for PF registration online and complete the process with the help of online experts who will guide you throughout the steps.
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