PF Registration

PF Registration

Provident fund is the scheme initiated to encourage savings among employees. Under this scheme, employees saves a small portion of their salaries or income for their future benefit. These includes the benefits after the retirement of the employee from the organization.

It is mandatory for every company to provide its employees with EPF or Employees Provident Fund, which is given to them upon their retirement. This fund is schemed under the employees' provident fund and miscellaneous provisions act, 1952. Every company with the total workforce of 20 employees or more has to register itself under the EPF scheme.

Documents required for Registration

• PAN card of the organization/ company/ business entity.
• Certificate of incorporation of the company.
• Cross cancelled cheque of the bank account of the organization.
• Address proof of the organization. It may be rent agreement, water bill, electricity bill, telephone bill, etc.
• Specimen signature of all the directors and of authorized signatories of the organization.
• Digital signature of the applicant. It may be employee or employer.
• Consent of all or majority of the employees in case if it is a voluntary registration.

Benefits of PF Registration

Some of the benefits under this scheme are enumerated below:

• Pension coverage: although the employee contributes to his/ her PF, but his/ her employer has to contribute an equal amount as the employee is contributing to his/ her EPF.
• Cover of risk: Employees provident Fund EPF covers the financial risk of the dependents of the employee in situations like demise, illness, retirement of employee, etc.
• Single account: the same PF account of the employee can be carried by him if in case the employee changes his/ her establishment/ job. This PF account can be transferred to the new employer. Due to this uniformity, the rate of return is ensured to be the same over years.
• Extended goals: Employees' long term goals such as purchase of some property, a fund for children, etc. can be covered up by this provident fund.
• Checking the EPF balance: every member of his scheme can check the details of his/ her PF balance details that is available at the organization of the employees' provident fund.

Online EPF registration procedure

• 1. Collection of relevant data about the employee along with his/ her documents.
• 2. Registration of the organization/ business entity with EPFO.
• 3. Registration of the DSC of the employer.
• 4. Filling up of the application by the employee with the details of the employer.
• 5. Submission of the verified form.
• 6. Obtaining the Universal Account Number along with the PF Registration Certificate.

Eligibility for PF registration

• Any organization with the employee workforce of 20 or more.
• Any organization which employs less than 20 workers/ employees but has been directed by the central Government to register itself under the scheme.
• Mutual agreement of the employer and the employee for their registration under this scheme. The application and the registration is done with the Central PF Commissioner.