Employees’ Provident Fund (EPF) is a mandatory social security Act in the form of retirement saving and pension for employees. There is provision for EPFO registration in Employees’ Provident Funds & Miscellaneous Provisions Act,1952 for every organization having 20 or more than 20 employees.
For counting 20 employees, all employees will be counted whether they come under coverage of PF or not. The wage ceiling for coverage of employee under EPF Act is 15000/- Basic plus Dearness Allowance (DA). Employee can opt EPF deduction over and above wage ceiling after mutual consent of Employer.
Rate of Contribution
- Employee PF Share- 12% of wages
- Employer PF Share- 3.67% of wages
- Pension Fund- 8.33% of wages (Part of Employer Share)
- EDLI- 0.5% of wages (Part of Employer Share)
- Admin Charges- 0.5% of wages (Part of Employer Share)
Employee Share- 12% and Total employer Share- 13%
Rate of Interest
Central Government gives interest every year on Total PF share Employee PF Share (12%) and Employer PF Share (3.67%). Rate of interest for Financial Year 2022-23 is 8.10% per year.
Central Government gives interest on PF amount for 3 years in inactive PF accounts also.
After receiving registration from EPFO, every organization needs to deposit dues of all eligible employees on or before 15th of every month to the department online.
Steps for EPFO Registration
1.Visit EPFO website at Employees’ Provident Fund Organisation (epfindia.gov.in)
2.Click on Employer Portal at bottom of website
3.Click on Common Registration under (EPFO & ESIC) under Important Links at bottom
4.Click on Sign UP mentioned at left if you are registering first time and if you are already registered then mentioned Login and password details at right side.
5.Fill Name, E-mail ID and Mobile number for sign up.
6.A link will receive on mentioned mail ID. Click on link and choose login Id and password of your choice.
7.Fill login ID and password and Sign In.
8.Fill Company Registration Details, Owners detail, Manager Detail and employment details.
9.After filling all required details submit application via DSC sign or Aadhaar verification.
10.EPFO registration certificate shall be generated immediately and login details for EPFO portal shall be received on E-mail or SMS.
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