Apply for Provident Fund
What is Provident Fund?
PF Registration is mandatory for all the organizations that have 20 or more employees. Such organizations are required to contribute a fixed amount towards Employee Provident Fund out of employee salary and wages.
Documents Required for PF Registration
- Digital Signature of Proprietor/Partner/Director
- Aadhar Card of Proprietor/Partner/Director
- PAN Card of Proprietor/Partner/Director
- Cancelled Cheque/Bank Statement of Entity
- PAN Card of entity
- Electricity Bill of the Registered Office (not older than 2 months)
- Shop and establishment Certificate/GST Certificate/ License issued by the government for factory
Advantages of Provident Funds
Risk coverage
The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
Uniform account
One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.
Employee Deposit Linked Insurance Scheme
This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
Long-term goals
There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
Security
When it comes to signatures, authenticity and security is a priority. Digital signatures reduce the risk of duplication or alteration of the document itself. Digital signatures ensure that signatures are verified, authentic and legitimate.
Emergency needs
There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that requires urgent finance. The PF amount can be of great help.
Covers pension
Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).
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How we Work?
1
Fill the form & Make the payment
2
Get the Call from PF Expert
3
Upload the required documents
4
Expert will take the approval for the registration
5
Expert will Register the employees in the PF portal
Frequently Asked Questions (FAQs)
provident fund
Through a provident fund (PF), you contribute a part of your salary each month towards the pension fund. The amount accumulates over a period of time and you get it as a lump sum upon retirement or at the end of the employment. Every setup with more than 20 employees or more has to offer PF to its employees
Through a provident fund (PF), you contribute a part of your salary each month towards the pension fund. The amount accumulates over a period of time and you get it as a lump sum upon retirement or at the end of the employment. Every setup with more than 20 employees or more has to offer PF to its employees
EPF stands for Employee Provident Fund that is a scheme for providing a monetary benefit to all salaried individuals after their retirement. The process is monitored by the Employee Provident Fund Organisation of India. Any organisation that has more than 20 employees must register with the EPFO
The primary purpose of PF fund is to help employees save a fraction of their salary every month so that he can use the same in an event that the employee is temporarily or no longer fit to work or at retirement. Employers and employees both contribute @12% of wages in contribution accounts.
It is mandatory for employees having a salary of Rs. 15,000 or more to be a member of this scheme although the employee can voluntarily apply for it at any wage. The employee contributes a minimum 12% of salary (can voluntarily contribute more).
EPF contribution is divided into 2 parts. - If you are a man, you must contribute 10% or 12% of your basic salary. - In case you are a new woman employee, it is 8% of your basic salary for the first 3 years. Thereafter, it becomes 10% or 12% of your basic salary.
Employees' Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis. The employer and employee contribute 12% each of the employee's salary (basic + dearness allowance) to the EPF. These contributions earn a fixed level of interest set by the EPFO.
According to the EPF rules, 12 percent of your salary must go towards your provident fund. Your company is also required to contribute the same 12 percent, out of which 8.33 percent of the salary is directed towards the Employee Pension Scheme or EPS. The remaining 3.67 percent are put into your EPF.
