The scheme of Employees Provident Fund (EPF) is under the control of Employees’ provident fund and Miscellaneous Provisions Act, 1952. Under the purview of Employees provident fund Organization (EPFO), it is regulated. EPFO is regarded as one of the largest social security organizations in the world when it comes to the volume of financial transactions undertaken and the vast clientele.
The registration of EPF is mandatory for all the establishments which have 20 or more employees. Some establishments which employ less than 20 people may also have to apply for pf registration, but that would be a voluntary registration.
Steps were undertaken for the registration of EPF for the employers
Certain steps have to be followed for the EPF registration for Employers which are:
-Firstly, the organization is to be registered with EPFO by visiting their website.
-One must download and read the user manual thoroughly before the registration process to get proper insight.
-The instruction manual will explain the process of Employer registration and after that; the employer has to register the DSC. It is a prerequisite to have a DSC registration before submitting the new application for the purpose of EPF registration.
-After that, the employer’s details have to be filled in, and specific fields are mandatory to fill in.
-It is vital that all the details should be filled correctly. Once that is done, the user will get the Mobile Pin on the number that is used for registration. E-mail link will also be sent to the registered, and that will activate the enabling of submission of the application for online pf registration india establishment.
The benefits of PF registration
There are several benefits with come with the PF registration such as
-The important benefit is of risk coverage as it covers the employee’s risks and their dependants in the case of illness, demise or retirement.
-It covers pension as well because apart from the employee’s contribution, even the employer’s contribution goes towards the Employee Pension Scheme (EPS).
-The PF amount can be useful in the circumstances of emergency or immediate requirement of funds. Urgent finance needs for the purpose of mishappening, unanticipated occasions like family function or marriage, etc. the funds can be easily available due to PF.
-Certain per cent of the salary also goes towards the life insurance premium and this scheme is for all PF account holders.
-The provident fund account can be easily carried forward to another place of employment when it comes to switching jobs.
-There are always certain long-term goals such as higher education, dream destination travel, marriage, etc. that can require the availability of funds. The PF amount that got accumulated over time can come in handy in such needs.
-Employees can also use the UAN for plenty of purposes.
There are various service providers who can help you to obtain the PF registration efficiently with fast service subjected to client and government processing time. It is advised that all the details and procedure should be adequately known before registering for PF.