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What is Provident Funds

Provident fund is a type of scheme where the salary of a monthly salaried is kept for pension person which only includes a small chunk of the salary for the purpose of giving it out at the end of the employment status of that set person in the given establishment..

The Provident funds is established by Employees Provident Fund Organization (EPFO). The concept of Provident Funds is a mandatory rule to follow in organization where the employees count is more than 20 members.

The fraction of salary goes into the savings of the each individual which would be awarded during the relieval state of the employee from the given place of work. The count would include all the works from electrical technician to the security personnel.

Employees’ Provident Fund and Miscellaneous Provisions Act 1952 is applicable to: Every establishment which is engaged in any one or more of the industries specified in Schedule I of the Act or any activity notified by Central Government in the Official Gazette. Employing 20 or more persons . Cinema theaters employing 5 or more persons.The Act does not apply: he co-operative societies employing less than 50 persons and working without the aid of power.

At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 3-4 working days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Advantages of Provident Fund Registration


Medical benefits

The employee can withdraw six times his or her worth salary or the entire PF amount based on whichever is lesser at that point of time, and the thus taken funds can be used for personal or blood relationship medical needs.

Security

The PF process is totally taken care by the Employees Provident Fund Organization of India which provides a peace of mind and is secure in nature.

Insurance Benefits

As per Employee Deposit Linked Insurance scheme, in any organization where group insurance scheme is not available to the employees, the organization has to contribute 5% of monthly basic pay as premium for the life insurance cover.

Nomination

The employee can avail nomination benefits and the funds can be available to the nominee in case of any unfortunate event happening to the person who is enrolled for the PF scheme.

Taxation Benefits

The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act.

Tax Free Interest

There is a tax free interest (Compound) and maturity provides a great value added to the Provident Funds

Documents Required for PF Registration


Copy Of PAN

Mobile Number & Email Id:

Digital Signature in the name of Employer

Address Proof of Registered office of the Company

Any License or certificate issued by government Authority

Proof of setup of Establishment

Details of Employees including Name, Address, Date of Joining, Age, gender, mobile no. etc.

Consent letter of majority of Employees

Call Us at : 0120-4134791

OR


PACKAGES


Basic

4999/-
Inclusive all taxes

PF registration

Premium

9999/-
Inclusive all taxes

PF registration
Class 2 DSC
ESIC Registration

Standard

5499/-
Inclusive all taxes

PF registration
Class 2 DSC

Procedure For PF Registration

1

Create Login ID

1 Working Day

In order to register your establishment first create Login Id and Password by visiting www.epfindia.gov.in
2

Proceed For Registration

1 Working Day

After creation of Login Id and Password proceed for the registration by filing required details. Once the Registration over register Digital Signature.
3

Document Submission

Same Day

After registering the Digital Signature fill detailed application and attach required documents. All the attachments must be digitally signed. Once all the documents submitted Online certificate shall be issued

How PF works

  • The Provident Funds - PF would be a monthly portion of the salary that would be saved and the overview of calculation are given as such.
  • Both the employer and employee contributes to the EPF at a rate of 12% of the basic salary and dearness allowance (if any) every month. The total contribution to the EPF is thus 24% per month.

Interest Calculation of PF

  • The rate of interest on EPF is determined by the Union government, in consultation with the central trustee board.The interest calculated on EPFs, for the 2015-16 fiscal, is 8.75%. while contribution to the EPF is monthly, interest is calculated at the end of the fiscal.
  • The compound interest is paid by the government on the time of April 1st every year and is overlooked by the central government.

FAQ’s About Provident Funds

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