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A COMPLETE GUIDE

EMPLOYEE PROVIDENT FUND A presentation by Enterslice


INTR ODUCTION TO Employees Provident Fund EPFO is one of the social security organizations with a large volume of financial transactions taking place in the country. EPF benefits are availed by the employees on their retirement in the form of amounts accumulated in the Provident Fund. Employee Provident Fund which is commonly known as EPF, is basically a scheme governed and regulated by the Employee’s Provident Fund Organization (EPFO). EPFO is regulated and administered under the Employee’s Provident Funds & Miscellaneous Provisions Act 1952.

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E LI G I B I LI T Y F OR E PF

20 OR MORE EMPLOYEES

DURING ANY TIME

RECEIPT OF THE NOTICE

LESS THAN INR 15000/-

Factories having 20 or more employees during any time of the year

Any other establishment employing 20 or more employees during any

Any Establishment requires compulsory registration irrespective

For any employee who is earning less than INR 15000/- per month

engaged in any industry

time in the previous year

of their employees when the Central Government, after giving two month's notice to the particular establishment. Such establishments shall get themselves registered immediately upon the receipt of the notice.

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PROCEDURE FOR EPF REGISTRATION FOR EMPLOYER

6 5 4

3 2 1

STEP 3

STEP 2 STEP 1

Then, read the instruction

Employer is required to

STEP 5

employer PAN

STEP 4

Fill the employer

number, user name,

details after clicking

mobile PIN,

Thereafter, UAN

on the register

and activate email

(Universal Account

button.

link for EPF

Number) is

registration online.

generated.

Signature Certificate) for

manual as provided

organization in

for a user before

getting DSC, a fresh

the “EPFO Portal” It

starting towards the

application to be

will appear

registration process.

filed for the EPF

Registration.”

Fill first name,

obtain DSC (Digital

First, register the

as “Establishment

STEP 6

registration. After

registration.

The Easy Process...


DOCUMENTS FOR EPF REGISTRATION

2 Address Proof

4

6

GST registration certificate

Salary and PF account details

1

3

5

PAN card

ID proof

Sale bill and purchase bill


PART 2 Documents...

7 Banking Details

8 Cross cancelled Cheque

9 Copy of partnership deed when it is a

10

registered partnership firm.

A copy of the Certificate of incorporation when it is a Public or Private Limited Company

11 A copy of their registration certificate in case of society.

12 A copy of MOA and AOA


1 2# PF NUMBER FORMAT UAN Number stands for Universal Account Number, which is allotted to employees at the time of registering an employee under the EPFO portal. This number is allotted by providing the required details such as name, father’s name, Aadhaar number, PAN number, Date of birth, etc. Universal account number or UAN is a 12-digit number allotted to each Employee Provident Fund member by the Employee Provident Fund Organization(EPFO), which gives him control of his EPF account and minimizes the role of employers. UAN registered number can be used by an employee throughout his tenure of service, whether he changes his job or establishment.


CONTRIBUTION PERCENTAGE OF EPF

Rate of Contribution for establishment hiring more than 20 employees:

Employer’s rate of contribution Employer has to share his contribution at the rate of 12% of Employee’s basic salary plus dearness allowance.

12%

Employee’s rate of contribution:

12%

Employer has to share his contribution at the rate of 12% of Employee’s basic salary plus dearness allowance.


RATE OF CONTRIBUTION FOR ESTABLISHMENT HIRING LESS THAN 20 EMPLOYEES: As per the EPFO rules, following establishment has to contribute at the rate of 10% of basic salary plus Dearness Allowance

Any sick industrial company as declared by

Any establishment having less than 20

the Board for Industrial and Financial

employees are employed.

1

2

3

4

Reconstruction

Any establishment which has at the end of

Any establishment in the following industries:-

any financial year, accumulated losses equal

(a) Jute (b) Beedi (c) Brick (d) Coir and (e)

to or exceeding its entire net worth and

Guar gum Factories


BENEFITS OF EMPLOYEE PR OV IDE NT F UND

1

EPF is availed by the person who receives a salary from the organised sector. The contributions made in EPF funds are important for both the employer and the employee and provides tax exemption

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2

The employee has the EPF account can obtain loan up to 50% of the amount deposited in the account for marriage and education after completing seven years of service whereas he can get up to 90% of the deposited amount for the home loan after the ten years of the service.


MAR KET SHARE A significant increase In some company in which the government has its shares also contributes to the EPF funds. EPF gets mature when he ends its service in the organised sector or when the employee reaches the age of 58 years. The employee can withdraw the EPF funds, after two months from the termination or resignation. In the case of EPF interest rate the returns are generated on the EPF account

40

3

30

20

10

0

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2017

2018

2019

2020


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