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The Employees' Provident Fund (EPF) serves as a crucial savings platform for individuals across various sectors in India, be it government, private, or public companies. Governed by the Employees Provident Funds and Miscellaneous Provisions Act, 1952, EPF aims to assist employees in saving a portion of their salary for future needs. Essentially a government savings scheme, EPF operates as a retirement fund, ensuring financial security post-employment.
Mandated by law, companies with a workforce of 20 or more employees must register with the Provident Fund (PF) department. This count includes not only regular employees but also contract workers such as those in housekeeping or security. Even entities with less than 20 employees can opt for voluntary registration to extend provident fund benefits to their workforce. Registration should be completed within one month of employing the 20th worker. This proactive approach emphasizes the importance of securing the financial future of employees through EPF contributions.
✓ Retirement Security:
Provident Fund (PF) registration provides employees with a structured savings avenue, ensuring a financial cushion during their retirement years.
✓ Tax Benefits:
Both employer and employee contributions to the PF are eligible for tax benefits, offering a tax-efficient savings option.
✓ Employee Welfare:
PF registration enhances employee welfare, showcasing an employer's commitment to the long-term financial well-being of their workforce.
✓ Interest Accrual:
The PF contributions earn interest over time, contributing to the growth of the fund and providing an additional financial boost.
✓ Legal Compliance:
PF registration is a legal requirement for eligible companies, ensuring compliance with regulatory standards and fostering a trustworthy work environment.
The eligibility criteria for Provident Fund (PF) registration include the following:
● Employee strength of 20 or more mandates Provident Fund (PF) registration.
● Voluntary registration allowed for companies with fewer than 20 employees.
● Mandatory registration within one month of employing the 20th worker.
● Applicable to companies operating across India.
● Employers contribute a percentage of the employee's salary to the PF fund.
● Employee, whose basic salary is more than Rs. 15,000 per month, at the point of joining, are eligible for EPF.
● Statutory requirement under the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
✓ For Company and LLP:
○ Legal name, Incorporation Certificate, Partnership Deed (for LLP).
○ Pan cards, Identification, and Address proof of Partners/Directors.
✓ For Proprietorships:
○ Applicant's details, Pan Card, Identification, and Address proof.
✓ Common Documents:
○ First sales and purchase bills.
○ GST Registration, Banker details.
○ Monthly records, Date of joining, Salary and PF statement.
✓ Canceled Cheque
Choosing Advoxpert for PF registration ensures a seamless and efficient process. Our expert team navigates through the complexities of Provident Fund registration, offering you a hassle-free experience. With a commitment to prompt service and a decade of expertise in procuring PF certificates, Advoxpert stands out as your reliable partner. Whether you're a large corporation or a small business, our professional assistance streamlines the PF registration process, providing you with the necessary documentation and support. Trust Advoxpert for a smooth and reliable Provident Fund registration journey tailored to your business needs.
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