• PF/ESIC Registration

    PF/ESIC Registration

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OVERVIEW

It is compulsory under the laws to register an organization as a provident fun organization once the number of employees in the organization reaches 20. This 20 includes contract employees through a subsidiary company. PF enrolment eligibility should be carefully considered. The application for the EPFO Coverage should be made within 30 days of reaching the threshold limit of twenty. It is mandatory for employees with salary than Rs 15,000 per month, to become members of the EPF. As per the EPF guidelines, an employee, whose ‘basic pay’ is more than Rs. 15,000 per month, at the time of joining, is not required to make PF contributions Nevertheless, an employee who is drawing a salary of more than Rs 15,000 can still become a member and make PF contributions, with the permission of the Employer. ESIC (Employee State Insurance) is a self-financed social security and health scheme for employees working in the organized sector governed by the ESIC Act 1948. All employees receiving pay of Rs. 21,000/- and above every month are eligible for this scheme. On monthly basis amount equivalent to Rs. 1.75 % of total monthly wages from Employee salary and 4.75% of monthly wages from the concerned employee as employer share by the employer has to be deposited in ESIC fund. If the candidate’s average daily wage is less than Rs 70, then he doesn’t have to pay the 1.75% contribution in ESIC, and only the employer has to pay his contribution.

DOCUMENT REQUIRED FOR EPF REGISTRATION

Copy of partnership deed if the company is a registered partnership firm

A copy of the Certificate of incorporation for a public or private limited company

Societies should furnish a copy of their registration certificate

All legal documents which might be required under the Income Tax Act

PAN details of the company

Public and private limited companies need to submit a copy of memorandum and articles of Association

Partition Deed

Proof of incorporation – first sales invoice/license issued by competent authorities

Salary details of employees

Balance sheet details

  

WHAT ARE THE DOCUMENTS REQUIRED FOR ESIC REGISTRATION.

1.  A registration certificate obtained either under the:

(A)Factories Act

(B)Shops and Establishment Act

2.  Certificate of Registration in case of Company, and Partnership deed in case of a Partnership

3.  Memorandum of Association and Articles of Association of the Company

4.  A list of all the employees working in the Establishment

5.  PAN Card of the Business Entity as well as all the Employees working under the entity

6.  The compensation details of all the employees

7.  A cancelled cheque of the Bank Account of the Company

8.  List of Directors of the Company

9.  List of the Shareholders of the Company

10. A register containing the attendance of the employees

 

AN EMPLOYEE CAN AVAIL FOLLOWING BENEFITS UNDER THIS SCHEME

Medical benefits for the family: For any illness, the scheme offers an accident cover to you and your dependents (children, wife, and parents).
Sickness benefits: To get Sickness benefits, a candidate must complete 78 days consecutively in a company only after that he/she will get Sickness benefits. In Sickness benefits, he/she will get free treatment, which is already included in Medical benefits and also gets 70% of salary in his/her absent days. This amount will be given by ESIC, not by your employer. Benefits are covered up to 91 days.
Extended sickness benefits: This covers special kinds of diseases like TB, Code, etc. To be eligible for extended sickness benefits, you have to complete two years in a company along with 156 working days in four consecutive periods. Then you will be eligible for 400 days of extended sickness benefit leave, and your free treatment under ESIC Benefit act 1948 and along with that 80% of salary from ESIC.
Enhanced sickness benefits: You have to complete 78 consecutive working days then you are eligible for this benefit. You can get 14 days of Enhanced sickness benefits and 70% of your salary.
Dependent benefits: If the candidate dies, then his/her dependent gets a pension. Widows get a proportionate amount of pension until they re-marry and if they do not marry then pension will continue for a lifetime. If they have children below 25 years, they will get two by 5th of full wage as a pension.
Maternity benefits: Candidates get free maternity facility under ESIC Benefits Act 1948. They also get 26 weeks 100% paid leave.

FREQUENTLY ASKED QUESTIONS

Yes. PF has a direct impact on the pension of an employee. Of the amount contributed by the employer towards EPF, 8.33% of it goes to the EPS, i.e., Employee Pension Scheme.
Both the employee and employer contribute 12% of the salary. The employers part consists of 12% of basic wages dearness allowance retaining allowance. If the number of employees is less than 20 in the firm, then the PF rate is 10%.
As expert advisors of the provident fund on an online platform, PMSPL is capable of aiding every establishment in India. As long as you have an Internet connection that can be used to send over a copy of all your documents, we will be able to register for your PF.
For the financial year 17-18, the interest rate was capped at 8.55%. When compared with any other debt instrument, this is an incredible rate of return. Furthermore, a PF account comes within the Exempt, Exempt, Exempt (EEE) status. You need not pay tax on the amount saved in your PF account. Hence, in short, there is no better way to save for your old-age than getting a PF account while you are employed. It acts as a blanket of financial security for you.
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