• Basic concept
• Applicability of PF for Employer and Employee
• Employers Registration
• Role and Responsibility of Employer
• UAN Generation & PF Registration for Employees
• Benefits for Employee
• UAN and KYC
• Role and Responsibility of Employee
• Calculation of Contribution.
• PF Employer Portal
• PF Employee Portal
• PF ECR and Payment
• Interest, Penalty and Damages for Late payment
• Record Keeping and other Compliance

Basic concept:

The Employees Provident Fund and Miscellaneous Provisions Act 1952:

An Act to provide for the institution of provident funds, Pension fund and deposit-linked insurance fund for employees in factories and other establishments.

The EPF Act is applicable to every factory and establishment which employees are 20 or more persons.

EPF Registration Steps for Employer:

Step 1. To register the organisation, the employer will need to visit the Shram Suvidha Partal https://registration.shramsuvidha.gov.in/.

Step 2. Select Registration Under EPF-ESI and create your Shram Suvidha Account.

Step 3. Login to Shram Suvidha Account and apply for new Registration. This leads you to a page where the details of the employer such as Establishment Details, eContacts, Contact Persons, Identifiers, Employment Details, Particulars of workers, Branch/Division, Activities, and Attachments are mentioned. All mandatory details that must be filled under each section are displayed with a red asterisk. The summary of the registration form can be viewed on the dashboard. Click on the ‘Submit’ button to submit the registration.

Step 4: Attached the Required Documents and submit the application by using Digital Signature or ESign (Using Aadhar Number)

Role and Responsibility of Employer:

Employers are responsible for the following under the EPF Scheme:

• Filing of monthly return in electronic form in ECR format on or before the due date.
• Submission of the particulars related employees joining or leaving the service and nomination form in the prescribed form and manner.
• Submission of Aadhar card and other KYC related document of there employees who become the member of EPF Scheme.

UAN Generation & PF Registration for Employees:

Employers need to register all their employees on the EPFO portal. EPFO Provide 12-digit UAN and PF No to every employee. Every time an employee changes their job, Employee gets New PF No in new company that is linked to the UAN. 

Employees should share his UAN with new employer on joining. If an individual is employed for the first time, the employer will have to get UAN generated for him.

How to generate UAN through EPFO portal:
If an individual is starting their career with your company, you will have to get UAN generated from EPFO portal for them. 

Below are the steps to generate UAN

• Visit the EPFO website and log in using your establishment ID & password
• Select Member=> click on ‘Register – Individual’
• Fill up the registration form
• Enter KYC details and Save and approve
• New UAN is generated by the EPFO

EPF Benefits for Employee:

Given below are the benefits of the EPF scheme:

• Employee Contribute 12% and Employer also contribute 12%. It helps to save the money for future.
• Employee get good returns on PF balance.
• Employee get tax benefits on PF amount.
• 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.
• Pension to Member
• Pension to Family (On death of member)
• EDLI (Insurance) 7,00,000/-

Role and Responsibility of Employee:

• Submit Form 11 (Self-Declaration): EPF Form 11 is a self-declaration form that needs to be filled by the employee at the time of joining an organization which is covered under the Employees Provident Fund (EPF) scheme as per the EPF Act, 1952. All details of the employee’s previous EPF account have to be mentioned in the form.
• PF Form 2 is a nomination and declaration form under the Employees Pension and PF schemes (paragraph 18 of Employees Pension Scheme 1995 and paragraph 33 and 61 (1) of Employees Provident Fund Scheme 1952). Now Employee have to submit their E-Nomination from PF Member Portal.
  
• PF KYC: Every PF Member need to submit Aadhar Card, PAN Card and Bank Account Details

Calculation of Contribution:

 Interest, Penalty and Damages for Late payment :

• •Upgrade your Skills
  •Become expert in PF
  •Work as a Freelancer
  •Better Career Opportunities
  •Monthly Challan and Return filing
  •Generate UAN and PF No for New Employees
  •Compliance Cost Cutting
  •PF/Pension Claim Settlement
  •Solve Employees’ PF related issue

• Company Owner
• HR Professionals
• MBA HR Students