PF Consultant for EPF Registration & Compliance Filing
These registrations are being managed by consultancy firms on a larger scale. One of the best-known firms of Chakraborty Consultancy Services – PF Consultant in Delhi. The consultancy is serving various industries by providing the facility of Online EPF Registration. Now let’s discuss the facts related to the EPF.
EPF Registration
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Employee Provident Fund or PF is the govt.-managed retirement savings scheme. EPF is applicable to all private and public employees working under the formal sector only. This fund is managed by the Employees Provident Fund Organization of India. Under this scheme, matching contributions up to 12% of salary have been paid by the employees and employers.
PF’s mission is to extend the Reach and Quality of publicly managed old age income security programs through consistent and ever-improving standards of compliance and benefits delivery in a manner that wins the approval and confidence of members in our methods, honesty and integrity managed by the best PF consultant in Delhi, New Delhi.
PF issue has been attracting so much attention because of the following reasons:
- COMPULSORY CONTRIBUTION: EPF is a contribution of 12% from basic salary with an equal contribution from the employer every month for compliance filing. However, employers have tried to shift the burden of their contribution also to the employee thereby causing a huge cut in salaries.
- LOW WAGES: The low wage structure prevailing in our country adds to the problems because almost 32 million out of 39 million provident fund contributors get a salary of less than 15000. In spite of this cut in the form of epf and non-withdrawal clause has raised concern among many.
- IMPROVED SERVICE: The improved service delivery by EPFO through transferable 12-digit number and also online services has raised awareness among people.
- LARGE CORPUS: PF maintains a large corpus of 1.7 trillion dollars. So this automatically raises attention from every corner.
Documents are required in case of Proprietor/Partner (Soft copy):
- PAN Card.
- Address Proof (Aadhaar card/Voter card)
- Certificate of Registration
- Partnership deed.
Documents are required in case of the firm:
- PAN card of the company/society/trust.
- Certificate of Incorporation.
- Cancelled cheque.
FAQ’s:
1. What is EPFO?
Answer- The Employees’ Provident Fund (EPFO) is a retirement benefit scheme that’s available to all salaried employees working in the formal sector.
- What is the contribution rate to the Provident fund & pension scheme?
Answer- Under this scheme, matching contributions up to 12% of salary has been paid by the employees and employers in each.
- Is contribution to the PF mandatory?
Ans- For those who have a basic salary of up to Rs. 6500, contributing to the EPF is mandatory. Contributions are voluntary for those whose basic salary exceeds Rs. 6,500.
- When can I withdraw my PF money?
Answer – You can withdraw from your PF account on the account your children’s education, marriage of self, children and siblings, purchase/construction of a house, or any medical emergencies etc. withdrawal is subject to certain conditions, non-compliance of which would result in penal interest: You should have completed minimum seven years of service; withdrawal can be made only three times in the period during which you hold the PF account, and the maximum aggregate withdrawal would be 50 per cent of the total contributions made by you pf consultant in Delhi.
Given below are the benefits of PF registration
- Risk Coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents may arise due to retirement, an illness or their demise.
- Emergency Needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.
- Long-term Goals: 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.
- Uniform Account: 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.
- Covers Pension: 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).
- 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.
