What is EPF Registration?
Provident Fund PF is largely an employee benefit scheme prescribed by the Government which provides facilities to the employees of an organization about medical assistance, retirement, education of children, insurance support and housing. It is created with the purpose to provide financial security and stability to employees.
It is implemented by the Employees Provident Fund Organization (EPFO) of India. Registration has to be done within One month from the date of hiring 20th employees. PF is the best way to provide social security to the employees.
Benefits of Registering with EPF
- Financial Security: Your EPF account provides an employee with long-term financial security in retirement, ailment, disability, or demise.
- Retirement Plan: EPF is accumulated to provide financial security after retirement.
- Fund Liquidity: In a financial crisis, this fund will act as an asset for the employee.
- Easy Accessibility: The employee can access their EPF account with a UAN number and shift the account as they change jobs.
- Anytime Withdrawal: The employee is allowed to withdraw 75 percent of the EPF fund after one month of resigning from his job.
List of Documents required for PF registration
- PAN Card
- Aadhaar Card
- Cancelled Cheque
- Electricity Bill
- Shop Establishment Certificate
- Digital Signature etc.
Due date for Filing PF Returns
- The due date for Monthly Challan remittance to Bank for PF is 15th of Every Month
- The due date for Monthly PF returns is 15th of subsequent month
- The due date for yearly returns is 30th April every year.
- Provident fund is a social security system that was introduced for encouraging savings among employees, so as to benefit them during the course of their retirement.
- Contributions are made by the employer and the employee monthly. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions.
- All employers having PF registration are responsible to file returns monthly.