Employees’ Provident Fund(EPF) is a social security scheme that helps employees preserve a small part of their salary for future compensations. Every company has to offer its employees an EPF, akin to a retirement fund.

Eligibility for EPF Registration for Indian employers

To be eligible for PF Registration, an organization has to meet the following criteria:

• A factory must have a total employee strength of 20 or more.
• An establishment must employ more than 20 persons. Here, the Central Government determines the class of such firms.
• An establishment employing less than 20 workers must receive notice of compulsory registration for not less than two months.
• Companies with less than 20 employees (Such companies should issue a notice to the Employees’ Provident Fund Organization in two months or less than that)
• The employer and the employees in an organization must unanimously agree to apply for PF to the Central PF Commissioner. Notification to the Official Gazette from the date of the agreement is a must.

Every employee is eligible for PF right from the start of his employment. The obligation of PF contribution and deduction is of the employer’s.

Benefits of PF Registration Online

• Pension Coverage

Apart from the EPF contribution, the employer adds an equal amount inclusive of the Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.

• Cover of Risk

In case of situations like illness, demise, or retirement, Provident Fund serves dependents of an employee by covering the financial risks they face in such circumstances.

• Single Account/one EPF Account

The PF account is transferable while switching jobs. Universal Account Number(UAN), linked to the Aadhaar, facilitates linking previous accounts. It is transferable to the new employer instead of being closed down. This uniformity ensures the compounding of the rate of return over the years.

• Emergency Fund

Emergencies are bound to happen at any point in time in life. The EPF amount can significantly help during mishaps, illnesses, weddings, and educational expenses. An employee can make claims online.

• Employee Deposit Linked Insurance Scheme

Any person who has a PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as a premium.

• Extended Goals

The PF account helps fulfill long-term goals like buying a property or setting up a fund for children.

• Checking the EPF balance

The members registered under the UAN portal can get the details that are available at the Employee Provident Fund Organization (EPFO).

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.