Employee Provident Fund (EPF) is an employee benefit provided by his/her employer which supports the employee after retirement. For providing EPF to employees, employers need to get registered. But do you know how to open an Employee Provident Fund (EPF) account online? In case you don't know how to open PF account for the employee or how to open EPF account then we’ll discuss EPF account opening online.
This article covers the following topics:
Employee Provident Fund (EPF) Scheme was regulated by the EPF Organization (EPFO) under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for every establishment which is:
Any establishment which is employing less than 20 individuals may be applied by the Central Government after providing at least two months’ notice for compulsory registration.
In cases where the employer, along with the majority of his employees, has decided to make provisions of the Act applicable to the establishment, they may apply the establishment to the central PF Commissioner themselves. The provisions of the Act may be applied to the establishment after the Central PF Commissioner notifies the Official Gazette from the agreement date or any date which the agreement specifies.
PF registration may also be required to be obtained by certain establishments with less than 20 employees, but such registration will be voluntary. Every employee of the establishment will be eligible for EPF from the date of their employment. The employer will be responsible to deduct and pay the EPF to his employees.
The rate of EPF contribution at 12% will have to be divided between the employee and the employer equally. The contribution of the employer will include 12% of basic wages with additional dearness allowance and retaining allowance. In case the establishment has less than 20 employees, it will deduct EPF at a rate of 10%.
The documents required for PF account open or EPF registration of different establishments are as follows:
For employers’ EPF registration, the following steps need to be followed for EPFO account open:
The above EPF account opening process helps you to understand that how to open EPFO account online,
😄Hello. Welcome to Masters India! I'm here to answer any questions you might have about Masters India Products & APIs. What brings you to our website today?
E-Way Bill Software
BOE TO Excel Conversion
Accounts Payable Software
Invoice OCR Software/APIs
GST Verification API
E-Way Bill API
KSA E-Invoice APIs
Vendor Verification API