EPF Registration: Process, Documents, Benefits & More

Employees' Provident Fund (EPF) is a government-sponsored savings plan in India meant for ensuring the financial security and retirement of employees. In the EPF plan, a proportion of the salary of the employee is contributed by the employer and the employee each month. This corpus accumulated with interest is disbursed to the employee at the time of retirement, resignation, or under certain conditions like medical emergencies.It is a necessary for workers, through this blog we will discover EPF registration process, documents, applicability, benefits and more. 

EPF registration is important for companies since it is a legal requirement for firms with 20 and above employees. EPF registration ensures compliance with the law, evading fines and legal issues. It also improves the image of the company by showing dedication to the welfare of employees. For workers, EPF is a systematic saving plan, bringing financial security and tax relief. In general, EPF registration creates a secure and inspiring work environment, with benefits to the employer and workers. 

What are EPF Objectives?

Employees' Provident Fund (EPF) has a number of primary goals that ensure financial well-being and security for the employees. These goals are:

1. Retirement Funds: To keep the employees adequately placed in terms of a financial corpus at the time of retirement, thereby enabling them to enjoy a good standard of living post-work life.

2. Financial Security: To act as a safety net for the employees in case of unemployment, sickness, or any other untoward incident with the help of saved money and interest.

3. Social Welfare: To support the social well-being of employees by enforcing savings, thereby encouraging sound financial planning and stability.

4. Employee Benefits: To provide extra benefits like insurance and pension schemes in addition to the basic compensation package, increasing employee contentment.

5. Compliance with the Law: To ensure compliance of organizations with labour laws and regulations, ensuring fair labour practices and safeguarding the rights of employees.

6. Savings Habit: To develop the practice of frequent saving amongst employees, so that they create a sizeable fund over a period by making systematic contribution.

Who are Exempted from EPF Registration in India?

Companies with fewer than 20 employees do not need to obtain EPF registration in India according to the Employee Provident Fund Act, but such companies can register for EPF registration if they so desire. The process will be labelled as voluntary provider fund registration:

• Workers of international organizations: Workers in international organizations or in organizations situated abroad might be exempt from the EPF scheme, based on the nature of work and particular treaties between India and the host jurisdiction.

• Workers of exempted establishments: When an establishment is exempted from registration with EPF, employees of the exempted establishment are also exempted from the EPF scheme.

• Employees under other provident fund schemes: Employees who are already under a different provident fund scheme (such as an alternative pension or provident fund scheme), which is offering benefits equal to or superior to those available under the EPF Act, can be exempted from the EPF.

What are the Different Types of EPF Forms?

Types of EPF forms are as follows: -

1. Form 1:-  An employer uses this form to enrol an establishment in the EPF Act. The form has information regarding the establishment, such as its name, address, nature of business, and number of employees.

2. Form 5:- This is a form which is utilized for furnishing details of new employees who are becoming members of the EPF scheme. Employers need to furnish this form monthly to mention the employees who have been added as members of the EPF.

3. Form 10:- This form is utilized for furnishing details of employees who are exiting the EPF scheme. Employers use this form for reporting employees who have resigned or have left the company.

4. Form 10D:- This is a form about utilizing pension.

5. Form 10C:- This form is quite essential, as it is utilized to claim the benefits under the EPF scheme and also utilized for withdrawing the amount contributed by the employer under the EPF.

6. Form 13:- The purpose of Form 13 is to have money in only one account, because it is used to shift your PF account from previous job to present job.  

7. Form 19:-  Form 19 is utilized for settlement of the EPF account once and for all.

8. Form 20:- Form 20 is submitted if an account holder dies then his or her family members are able to withdraw the PF amount.

9. Form 31:- Form 31 is also regarded as PF advance form, since it is submitted for availing loan, advance and withdrawals from an EPF account.

10. Form 51F:- This particular form is filled by the nominee to avail the benefit of EDLI (Employees' Deposit Linked Insurance).

11. Form 13:- It is a form to transfer the EPF balance from one account to another where an employee has changed job. The employee can fill this form to seek the transfer of the accumulated EPF balance in his past employer's EPF account to the present employer's EPF account.

Documents Required for EPF

Below  are the required documents you need to have for the successful registration of EPF:-

1. Partner/Proprietor/Director's PAN card

2. Partner/Proprietor/Director's Aadhar card

3. Partner/Proprietor/Director's DSC (Digital Signature Certificate)

4. Shop & establishment certificate or GST registration certificate or any government-issued license for the establishment

5. Leased or rented agreement copy (if any)

6. Relevant proof of address, like the water/electricity/telephone bill of the registered office, that should not be dated more than 2 months back

7. Cancel cheque or bank statement of the organization

8. Proof of licence issued by the licensing authority or identifier

 Read More: ESI Registration Benefits Documents and Process

Why Should You Choose CRSPL?

1. Detailed Guidance:- The experts of CRSPL provide your every single detail and guidance so that you do not miss any step. We will keep you updated about eligibility criteria, document requirement and process of application. 

2. Preparation Assistance:- CRSPL assist you in preparing all necessary documents for the successful application. 

3. Application Submission:- CRSPL handles the entire application submission process by ensuring all the details are accurate and in proper manner on behalf of our client.

4. Follow-up Support:- CRSPL will proactively tracking the status of your application and also keeping you informed about the process with timely updates. 

5. Expert Consultants:- For any query related to business, you can meet business consultants at CRSPL, they are readily available to assist you.