Employees Provident Fund (EPF) is a social security scheme which is implemented throughout India and is regulated by the Employees Provident Fund Organisation (EPFO) which is formed by the mandate given by Employees Provident Funds Act, 1952. EPF is designed to offer social security benefits to employees of a particular organization and building stronger employer-employee relationship.
Conditions to Register under Employees Provident Fund (EPF)?
* Companies having an employee base of 20 or more, within one month must register from the time of attaining this strength, in addition to certain penalties which are applicable for delay in EPF registration.
* Co-operative societies must register if their employee strength increases to 50 or more.
* Registered organizations whose strength falls below the minimum specified number will continue to be under the purview of the above act.
The Employees Provident Fund (EPF) and Miscellaneous Provisions Act 1952 categorically apply to factories/Industries specified in Schedule I or to any other establishments as specified by the central government engaging 20 or more employees. For the convenience of MSME and other small business or trade houses, EPFO has made the process of EPF registration online. Now one can register the Establishments, filing of monthly returns integrated with online payment of the contributions and charges.
DOCUMENTS REQUIRED FOR EPF REGISTRATION
* Certificate of incorporation (in case of Public or Private Limited Company).
* Registration certificate copy.
* MOA/AOA of the company.
* Rules and objectives of the company.
* Copy of your Partnership deed (in case of partnership firm).
* PAN Card details.
* Details about incorporation of the company.
* Salary details of employees.
* Balance sheet.
* PF statement and salary.
* Number of employees that have worked for the organisation in the preceding month.
* GST registration certificate (if applicable).
* Cancelled cheque.
* Bank details (name, branch, IFSC code, and address of the bank).