EPF Registration – For Employers
Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of Employees’ Provident Fund Organisation (EPFO). EPF registration is applicable for all establishment which employs 20 or more persons. EPF registration can also be obtained voluntarily by establishments having less than 20 employee.
The EPF contribution paid by the employer is 12% of (basic salary + dearness allowance + retaining allowance). An equal contribution is payable by the employee. In case of establishments which engage less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employee and the employer is restricted to 10%. For most employees working in the private sector, it’s the basic salary on which the contribution is calculated.
It is obligatory that employees’ drawing less than Rs 15,000 per month, to become members of the EPF. As per the guidelines in EPF, employee, whose ‘basic pay’ is more than Rs. 15,000 per month, at the time of joining, is not required to make EPF contributions. Nevertheless, an employee who is drawing a pay of more than Rs 15,000 can still become a member and make EPF contributions, with the consent of the Employer.
Employee’s Provident fund return must be filed by all entities having EPF registration every month. EPF return is due on the 25th of each month. Further, a final EPF return is due on the 25th of April for the year ended on 31st March. obtain TAN.
Employee’s Provident Fund (EPF) payments are due on the 15th of each month. The employer must deposit a total of 12% or 10% of the employee wages towards EPF on or before this date every month. For most entities, the EPF rate of 12% would be applicable.
To improve ease of doing business, all services relating to provident fund like EPF registration, EPF return filing and payment of EPF contribution has been made available online through the Unified Portal.
The Employee Provident Fund has launched the Unified Portal to streamline and simplify all aspects of provident fund for both employers and employees. Employees who have the newly allotted UAN can use the Unified Portal for various services.
Employees who have contributed to EPF can withdraw money in their EPF account for various reasons by applying on the Unified Portal. EPF can be withdrawn for house purchase, medical reasons, marriage or education of family members.