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ESI/PF Registration
ESI/PF REGISTRATION & RETURN FILING
ESIC REGISTRATION
ESI stands for Employee State Insurance managed by the Employee State Insurance Corporation which is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India. Any non-seasonal factory and company having more than 10 employees who have a maximum salary of Rs. 21,000/- has to mandatorily register itself with the ESIC. The employer needs to contribute an amount of 3.25% of the total monthly salary payable to the employee whereas the employer needs to contribute only 0.75% of his monthly salary every month of the year.
This scheme has also been made extended to hotels, shops, cinemas and preview theatres, restaurants, newspaper establishments, and road-motor transport undertakings. An ESI Code number is a unique 17-digit identification number that is allotted to every employee of a factory or organization that is registered under the coverage of the Act. If An individual who fails to make a pay their contribution in the given time period will have to pay an interest of 12% per annum for each day that the individual has defaulted on their payment.
Benefits of ESIC Registration
- Reasonable medical care, comprehensive medical care & clinical investigation for insured people and their family members.
- Sickness Benefits and enhanced sickness and extended sickness benefits.
- In case an employee is disabled, ESIC ensures that the employee is paid their monthly wages for the period of the injury in case of a temporary disablement or for the remainder of the employee’s life in case of permanent disablement.
- ESIC helps an employee welcome their baby to a household that has been showered with benefits.
- ESI provides a monthly cash allowance for a maximum period of 24 months in case of permanent invalidity due to a non-employment injury or due to involuntary loss of employment.
Documents Required for ESI Registration:
- Certificate of Registration
- Registration certificate of Shops and Establishment Act or the Factories Act
- Detailed list of employees along with their monthly compensation. (PAN, Aadhar & Bank Passbook Copy).
- Address proof and PAN Card of Employer.
- Mobile No. & Email Id of Employer & Employee.
- Date of Joining of Employees.
ESIC REGISTRATION
Employees Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. It is administered and managed by the Central Board of Trustees that consists of representatives from three parties, namely, the government, the employers and the employees. Employees’ Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis. The employer and employee contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF. These contributions earn a fixed level of interest set by the EPFO. The amount of interest to be received on the deposit along with the total accumulated amount is totally tax-free.
Under Section 80C of the Indian Income Tax Act, en employee’s contribution towards their PF account is deemed eligible for tax exemption. Members of EPF India are entitled to avail benefits of partial withdrawal. Individuals can withdraw funds from their PF account to meet their specific requirements.
UAN (Universal Account Number) is important as the entire process related to the Employee Provident Fund (EPF) services are now operated online.
ELIGIBILITY
- Any organization employing a minimum of 20 workers is liable to give EPF benefits to the workers.
- Employees of an organization are directly eligible for availing Provident Fund, insurance benefits as well as pension benefits since the day they join the organization.
- Employees need to become an active member of the scheme in order to avail of benefits under this scheme
- The Employee Provident Fund is open for employees of both the Public and Private Sectors, which means all employees can apply to become a member of EPF India.
Circumstances under which individuals can withdraw EPF completely –
- On retirement.
- If their unemployment period extends more than two months.
- While switching from one profession to another or in between jobs. But the duration without a job should be more than two months.
Circumstances under which individuals can withdraw EPF partially –
- For a wedding.
- For higher education.
- For purchasing land or constructing a house.
- Repayment of home loan.
- Renovating a housing property.
Documents Required for EPF Registration:
- PAN Card of the Proprietor/Partner/Director
- Aadhar Card of Proprietor/Partner/Director
- Proof of address such as the Electricity Bill or Water Bill or Telephone Bill
- GST Certificate/Shop Act Registration or any other certificate isuued by the government.
- Cancelled Cheque or Bank Statement of Entity.
- Detailed list of employees along with Salary details (PAN, Aadhar & Bank Passbook Copy).
- Mobile No & E-mail Id of Employer & all employees..
EPF Benefits
- It helps in saving money for the long run.
- There is no requirement to make a single, lump-sum investment. Deductions are made on a monthly basis from the employee’s salary and it helps in saving a huge amount of money over a long period.
- It can help an employee financially during an emergency.
- It helps in saving money at the time of retirement and helps an individual maintain a good lifestyle.
Time duration
It can take up to 3-5 working days in order to Registration of ESI & PF.
Cost involved
Get Registered ESI & PF on 2599/- Only
Enquiry Person Details
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