PF Registration Online for Employer

The registration of EPF with the DOL for organizations with more than 20 employees is The registration of EPF with the DOL for organizations with more than 20 employees is mandatory. It is required by law that these kinds of companies contribute a fixed percentage of their employee salaries towards the Provident Fund. According to the Basic Salary Law, 12% of the Basic Salary plus DA and RA are the amounts that the employer is required to pay.

Registration of EPF

Whether you are employed in government or the private sector, Employee Provident Funds (EPFs) offer retirement benefits to all salaried employees. "Employees" refers to a broad range of individuals including seasoned professionals, Security Guards, Housekeeping Officers, etc. Apprentices, interns, and migrating employees are excluded from the scope of the Employee Provident Fund Plan as they are not considered employees. There is a local regulatory body, EPFO (Employee Provident Fund Organization), which regulates and administers EPF registration.

It is mandatory that companies or entities with employee strengths of twenty or more get registered under the EPF scheme. There is, however, an option for smaller companies with fewer than twenty employees to voluntarily register for the EPF. Furthermore, to attain EPF registration, Co-operative Societies are required to have an employee strength of fifty staff or more. It shall be noteworthy that companies are required to register with the EPF within one month of hiring twenty or more employees, failing which the company can be subject to fines.

For the purposes of registering as an employee, the Employee Provident Fund and Miscellaneous Provisions Act, 1952, governs the registration process. This act makes a mandatory contribution of 12 percent of the worker's basic wage to the employee's EPF account, which can be made by both the employee and the employer at any time. Having an EPF account is one of the most attractive benefits of having an employer-provided pension in that it does not matter where the employee changes jobs, the EPF number remains the same.

How does Employee Provident Fund work?

The Employee Provident Fund as defined in the Employee Provident Funds and Miscellaneous Provisions Act, 1952, is an employee-based scheme. It provides retirement benefits to the employee’s organization by providing the employee a retirement benefit. Generally, any company with more than twenty employees has to obtain EPF registration under the EPF Act in order to be covered by it. In essence, the objective behind the EPF is to maintain a healthy relationship between the employer and employee by allowing them to contribute accordingly. The bond between employer and employee.

Employee Provident Fund Organization.

Moreover, EPFO, an employee provident fund organization, is the largest social security body with a huge volume of financial dealings taking place every single day within the organization. I may take this opportunity to mention that according to the Annual Report of 2016-2017, it holds around 19.34 crore accounts regarding its members. The Employee Provident Fund Organization (EPFO) is also responsible for regulating and administering all rules and regulations of the Employee Provident Fund Act.

Benefits of EPF Registration

• Coverage of Risk 

One of the most significant benefits of incorporation with the Provident Fund is the fact that it covers both the employee and their dependents' risks. It is the situation regarding the employee's retirement, illness, or death that will be regarded as the employee's risk.

• PF Account

PF accounts contain a number of beneficial aspects, including the fact that they are both continual and transferrable. The benefit of these accounts is that they can be easily moved to another place of employment if needed.

• EDLI Scheme

EDI is the acronym for Employee Deposit Linked Insurance Scheme or Employee Deposit Insurance Fund. PF account holders who have the EDIF are eligible to participate in the scheme. There is a deduction of 0.5% from the salary of participants in this scheme.

• Long-Term Goals

In addition to the employee's ability to accomplish long-term goals such as marriage, higher education, or any other situation that requires an urgent supply of funds, the amount saved in the PF account also provides the employee with an opportunity to accomplish those long-term goals. In these situations, the amount that is saved in the PF account often comes to the employee's assistance.

• Includes Pension

EPF is a group retirement plan in which the employer and employee both contribute a certain amount (specifically 12% of the employee's monthly salary) into the fund. Moreover, out of the total contribution made by an employer, 8.33 percent of it is transferred to an employee pension scheme (EPS) to be used for the retirement planning of the employee. A pension calculator can help the employee to calculate the correct amount of pension to save for retirement when he retires.

Who can apply for EPF Registration?

• It is considered to be an establishment that was employing more than twenty employees at any time in the previous financial year.

• Regardless of the industry, the production facility must have had more than twenty employees during the last financial year, regardless of the industry.

• The Central Government at any time may request an establishment to obtain a compulsory registration of the Employees' Pension Fund regardless of the number of employees employed at that establishment. There can be no change to an establishment's conditions and policies without prior notice of at least two months. If an establishment or company meets such criteria, then an immediate application needs to be filed with the Employment Protection Fund (EPF).

Exemptions from the EPF Scheme?

In the event that a company or establishment has fewer than twenty employees, it is exempt from having to register that company according to the EPF Act. These companies, if they wish, can still become registered under the EPF scheme if they so desire. Nevertheless, the same is then termed Voluntary EPF Registration in that it is voluntarily made.