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Employees Provident Fund Organisation (EPFO)

Employee Provident Fund Organisation is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India.

The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952. The Employees’ Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India except Jammu and Kashmir. The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.

Employees Provident Fund Organisation (EPFO) is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 17.14 crore accounts (Annual Report 2015-16) pertaining to its members.

The Board operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).

Who should required to get EPF Registration (Employer)?

EPF registration is required for all establishments-

  • which is a factory engaged in any industry having 20 or more persons, and
  • to any other establishment employing 20 or more persons or class of such establishments which the Central Government may, by notification specify in this behalf.

Central Government may apply any establishment employing less than 20 employees after giving not less than two months’ notice for compulsory registration

Where the employer and majority of employees have agreed that the provisions of this act should be made applicable to the establishment, they may themselves apply to the Central PF Commissioner. The Central PF Commissioner may apply the provisions of this Act to that establishment after passing the notification in the Official Gazette from the date of such agreement or from any subsequent date specified in the agreement.

Some establishments having less than 20 employees would also be required to obtain PF registration but that is voluntary registration. All the employees will be eligible for a PF from the commencement of their employment and the responsibility of deduction & payment of PF lies with the employer.

The PF contribution of 12% should be divided equally between the employer and employee. The employer’s contribution is 12% of basic wages plus dearness allowance plus retaining allowance. If the establishment has employed less than 20 employees, PF deduction rate will be 10%.

EPF Schemes

  • EPF Scheme 1952
  1. Accumulation plus interest upon retirement and death
  2. Partial withdrawals allowed for education, marriage, illness and house construction
  3. Housing Scheme for EPFO Members to achieve Hon’ble Prime Minister’s Vision of housing to all Indians by 2022
  •  Pension Scheme 1995 (EPS)
  1. Monthly benefit for superannuation/retirement, disability, survivor, widow(er) and children
  2. Minimum pension on disablement
  3. Past service benefit to participants of erstwhile Family Pension Scheme, 1971
  • Insurance Scheme 1976 (EDLI)
  1. Benefit provided in case of death of an employee who was a member of the scheme at the time of death
  2. Benefit amount 20 times of the wages. Maximum benefit of 6 lakh.

What are the documents required for EPF Registration?

The documents required for the registration are –

  • Pan Card
  • Cancel Cheque
  • The activity of the establishment
  • Address Proof
  • Consent Letter
  • Manager Details
  • Employment Detail
  • Date of Establishment

EPF Registration is crucial while filing application of epf registration, many technical issues need to be resolve. You can application epf registration through epf portal or else hire EPF Expert to get epf registration. EAdvisors EPF Expert team can provide you epf registration.

1 Comment

  • Swarit Advisors Posted February 11, 2020 1:10 pm Reply

    Thanks a lot for sharing this information via this post. Awesome content of this post, so I’m very impressed by your post & Knowledgeable content about EPF Registration.

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