PF Registration is mandatory for all the organizations that have 20 or more employees. Such organizations are required to contribute a fixed amount towards Employee Provident Fund out of employee salary and wages.
Documents Required for PF Registration
Digital Signature of Proprietor/Partner/Director
Aadhar Card of Proprietor/Partner/Director
PAN Card of Proprietor/Partner/Director
Cancelled Cheque/Bank Statement of Entity
PAN Card of entity
Electricity Bill of the Registered Office (not older than 2 months)
Shop and establishment Certificate/GST Certificate/ License issued by the government for factory
The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
One of the most important aspects of the Provident Fund account that it's steady and transferable. It can be carried forward to any other place of employment.
Employee Deposit Linked Insurance Scheme
This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
When it comes to signatures, authenticity and security is a priority. Digital signatures reduce the risk of duplication or alteration of the document itself. Digital signatures ensure that signatures are verified, authentic and legitimate.
There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that requires urgent finance. The PF amount can be of great help..
Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).