EPF Registration in Surat
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A Quick Summary of the Employee Provident Fund (EPF)
The Employees’ Provident Fund (EPF) is a social security program that was created by the government under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. It aims to help employees save for their retirement by distributing a percentage of their monthly salary. Over time, this fund grows, guaranteeing them retirement financial security.
In India, the retirement age is:
– 59 years for private-sector employees
– 60 years for government employees
By serving as a financial safety net, this program enables workers to make plans for the future and guarantees they have the funds to live comfortably after retirement.
Who Needs to Register for EPF?
Organizations must register under EPF if they meet any of the following conditions:
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A factory with at least 20 employees.
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Any business establishment with 20 or more employees, as per government regulations.
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An establishment with fewer than 20 employees, if the government mandates registration for at least 2 months.
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Companies with less than 20 employees must apply voluntarily within 2 months if they choose to offer EPF benefits.
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If both the employer and employees agree to apply for EPF, they must notify the Central PF Commissioner through an official request.
Why Register for EPF? (Key Benefits)
The process for voluntary strike off involves several steps:
Step 1: Future Financial Security
- Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
- Even during uncertain times, this contribution guarantees financial security for workers and their families.
- This contribution ensures employees and their families have financial protection, even in uncertain times.
Step 2: Emergency Fund Access
- Emergencies are part of life at any point of time. EPF amount can be of great help during mishaps, illnesses, weddings and educational expenses.
- Additionally, workers can obtain their money online without completing laborious paperwork.
Step 3: Easy Transfer When Changing Jobs
- Employees who change occupations are not required to terminate their PF account.
- Aadhaar’s Universal Account Number (UAN) makes account portability simple.
- This enables compound interest to grow money steadily over time.
Step 4: Convenient Online Access
Employees can check their EPF balance and contribution history anytime through the EPFO portal. They can also:
- To obtain their balance details, place a missed call from their registered cell phone number to 011-22901406.
- To obtain their contribution statement, text 7738299899.
- If their UAN is linked to their bank account, PAN, or Aadhaar, they can access EPF details instantly.
Documents Required for EPF Registration
To complete the EPF registration process, businesses need the following documents:
PAN card of the company or establishment.
Certificate of incorporation
Cancelled cheque from the establishment’s bank account.
Address proof of the establishment.
Specimen signature of directors and authorized signatories.
Digital signature of the authorized person handling EPF registration.
If registering voluntarily, written consent from the majority of employees.
To ensure legal compliance, all such changes must be documented and filed with the ROC.
What Happens When You Don't File the Forms on Time?
If you don’t submit the required forms by the deadline, you’ll face penalties:
Late Fee:
You’ll have to pay INR 100 for each day you delay filing.
On the Company:
INR 1,000 per day, subject to a maximum of INR 10 Lakhs.
On Every Officer in Default:
INR 1 Lakh, plus INR 100 per day of delay, subject to a maximum of INR 5 Lakhs.
What is a Director Identification Number (DIN)?
A Director Identification Number (DIN) is an 8-digit unique identification number issued to directors of companies. It is a mandatory requirement under the Companies Act and has lifetime validity.