Provident Fund
Employee Provident Fund Online Registration
Human Resource is the prime asset of any organization and managing them efficiently has become the important function nowadays. Thus, the welfare of employees has to be kept at top priority. And the most important step towards such program is registering employees under Employee Provident Fund which provides social and financial security after reaching the age of superannuation.
These registrations are being managed by consultancy firms on a larger basis. One of the best-known firms in Surat is Patel Consultancy owned by Mr. Kanti Patel. The consultancy is serving various industries by providing the facility ofOnline EPF Registration. Now let’s discuss the facts related to the EPF.
PROVIDENT FUND REGISTRATION HIGHLIGHTS
EPF(Employees Provident Fund)
EPF or PF is an arrangement made by the government and managed by Employees' Provident Fund Organization(EPFO) which is covered under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952. The EPF organization is controlled by Ministry of Labour and Employment, Government of India. The Act was framed to provide the benefits to salaried class employees. Under this act, the employees are entitled to receive a pension, insurance or special benefits at specific occasions by contributing a nominal amount towards this fund. The contribution is being deposited from applicable for both employee and employer.
PF Benefits
Earlier this registration was being done manually by visiting the organization. But now it can be easily done online. An important investment plan for future needs has been made mandatory by the government for the employees drawing a basic salary less than Rs. 15000/-. The fund accumulated would be tax-free and if withdrawal is being made after 5 years of registration then the maturity amount with interest will also be treated as the tax-free income. The contribution also helps employees by facilitating to withdrawal partial amount for expenses like house construction, daughter’s wedding, in the case of critical illness, higher education etc. Thus, it is very important to contribute towards this fund for both employer and employee.
PF Contribution
> 12% of Basic Salary of Employee deposited directly towards EPF
> 12% of Employer contribution is divided as –
> 8.33% of contribution towards Employees’ Pension Scheme
> 3.67% of contribution towards Employees’ Provident Fund
> 1.1% of contribution towards EPF Administration Charges ( After 01/04/2017 0.65% )
> 0.5% of contribution towards Employees’ Deposit Linked Insurance ( minimum RS. 500/-)
> 0.01% of contribution towards EDLI Administration Charges( After01/04/2017 RS. 0/-)
Online PF Registration
> Filling up of form
> Submission of Documents
> Application Submission to the EPFO and its done
EPF PAYMENT DEADLINE
Deposition of EPFcontributions due date is 15th of every month