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PF Registration Online in India
The Employees Provident Fund and Other Regulations Act, 1952 governs the EPF (Employee Provident Fund). Employees in the corporate, government, and public sectors can contribute to the EPF. It is governed by the EPF Employees Provident Fund. All businesses with at least20 or more employees working in the entity must register with the PF or the EPFO. Companies with less than 20 workers can also get PF registration online in India on a voluntary basis.
Who is eligible to get EPF registration?
For Employer
PF Registration is mandatory for all the establishments-
For Employee
Employees drawing less than Rs.15000 per month need to mandatorily become members of the EPF. According to the guidelines, employees whose basic pay is more than Rs. 15000 a month at the time of joining are not required to make any PF contributions.
But an employee who is drawing pay of more than Rs.15,000 can still be a member and make contributions with the employer and the Assistant PF commissioner.
The amount for the contribution of PF
The employer has to obtain the PF registration within 1 month of attaining the strength, in case of failure to abide by applicable penalties. A registered establishment continues under the purview of the Act even in case the No of employees falls below the required limit.
The employer has to contribute 12% of the (Basic Salary + Dearness Allowance + Retaining Allowance). An equal amount of contribution is to be made by the employee. If the establishment has engaged less than 20 employees the EPFO rules state that the contribution rate for both the employees and the employer is limited to 10 %. In most cases the employees who are employed in the private sector it is on the basic salary on which the whole contribution is calculated.
The breakup of the PF contribution
What is the Employees Pension Scheme?
8.33% of the employer’s contribution is routed towards the Employees Pension Scheme that is calculated at Rs.15,000. The amount routed to the Employee Pension Scheme would be Rs.1250 in case the basic pay of the person is Rs.15,000. If the Basic Pay is less than Rs.15,000 then 8.33% of the amount will be routed and the balance will be retained in the EPF scheme. On superannuation, the employee would receive the full share with the employer’s share reserved for credit in the EPF account.
Documents Required for Registration
