EmploymentProvident Fund

Employee Provident Fund: How to Register & Eligibility

EPF is the other name for the Employees Provident fund. If you are an employee and you want to get the benefits from this provident fund, then you must do an official registration with the submission of all your documents from the online portal.

The EPF designates the Employees Provident Fund. If you are serving in an organisation or office, you can save money every month to avoid any future disaster. Moreover, the joint effort that the company and yourself provide contributes to your complete EPF amount. Generally, what happens, if any public company or any kind of private concern has several more than twenty employees? Then as per rules, the company needs to offer the right EPF facility to the workers. Also, it falls under the Miscellaneous Provisions Act that came into force in 1952.

When you want to register EPF and get benefits online, you can have an initial checking of the EPF scheme, the scheme dealing with the pension of the employees and the ones that are part of the Deposit Linked Insurance Scheme. 

There is also a restriction on how much you can withdraw from the EPF account and which employees are eligible to do this. Every month, if your salary is more than 15,000, then the EPF account opening does not apply to you. It applies to only those employees whose total monthly income is below fifteen thousand. There is an official registration process to be followed which is hassle-free and easy, and now you can also get multiple online guidelines about the same. 

Use Vakilsearch`s EPF calculator to decide out how an entire lot coins is probably amassed for your EPF account even as you retire.

What Is the Basic Process of Registration That You Must Check Out? 

If you want to register for the EPF, you can check out the given points: 

  • First, as you express your willingness to be a part of the EPF process, you should go into the website, find out the portal for the members, and find out which rules are applicable, especially ‘for employees. 
  • The second process will be clicking the ‘register’ tab to do the initial registration. This part will include providing all the necessary documents for EPF registration. 
  • There is a difference between individual and company registration. Something called the ‘establishment registration’ applies to any concern or organisation. A strong user guide manual guides people to register for the EPF without glitches.
  • There is also the presence of the ‘shram suvidha’ portal which makes provident fund registration easier. The signing-up process and the registration for EPFO-ESIC can be done after this. Generally, you can get the options of both the EPFO and the Employee State Insurance Act, and you have to choose the EPFO option and even register and upload documents that are related to the EPFO. Branch name, name of the employee, name of the employer, all the detailed data about the employment, contact number, mail i.d. etc. should be uploaded, and if there is any mistake, it should be corrected. 
  • There is also the provision to upload a soft copy of the employer’s signature. After this, he or she gets a notification from the Shram Suvidha portal that every necessary detail has been submitted, and there is also the presence of the digital sign. 
  • You first need to check why you need to register for the EPF. It can be your future after retirement, your daughter or son’s marriage, your higher studies, some medical reason etc. Hence, when you register, you should check the online facilities that are provided, rate of interest etc., and you can also talk to their support team if needed.

What Is the Eligibility For EPF Registration?

If it is about the eligibility for opening an EPF account, you should first go for the following important points:

  • Whether you work under any single holding company, or any organisation, trust, institute, public company etc., if your total monthly salary is less than 15,000 rupees per month, then you can apply for the EPF. Hence, there is always a certain income chart if you have to fall within the EPF category. 
  • Secondly, from a company’s perspective, if there are more than 20 employees, it gives them the green signal to start the EPF registration process for their employees. 
  • However, suppose any company does not have 20 employees but is keen to go for the EPF criteria. In that case,n the company has to go through other legal processes, rules and regulations to determine what should be done to this scanty number of employees. The company should show its voluntary sense of adjustment. 
  • The major hurdle and the heavy-duty rest on the shoulder of the Assistant Commissioner in charge of the EPF. If all the criteria match, and any company or individual is eligible for EPF, then the Assistant PF Commissioner’s work will give a positive signal in that direction. 
  • There are many states and Union territories in India. However, Jammu and Kashmir are not included in the calculation and disbursement-related issues of the EPF. 

Conclusion

If an employee wants to get the major after-retirement or emergency benefits, then they should apply for the EPF, if the salary is below fifteen thousand. Not only this, but there are major tax benefits that one can avail if one registers his or her name under the domain of EPF. To add, from EPF, even if not full funds, users/ employees can apply for a small monetary withdrawal, emergency loans, paying doctors, hospital charges, medical treatments etc. Another advantage of having an EPF is that the user can avail of a certain amount of loan if required. The employee will have relief because the rate of interest is comparatively low, and the rate of interest gets declared after the duration of every two years as decided by the EPFO. If the employee dies, they can claim around 7 lakh rupees of free insurance. 

Now, you can get all authentic information about EPFO from some of the best portals like Vakilsearch. It is an established platform that gives clarity of information regarding tax, laws, company affairs, documentation, filing of tax, fundraising, NGO-related works, and all kinds of certificates for company incorporation. This is one of the most supportive portals where all your queries regarding EPF registration, process and benefits can be answered. 

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