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What is PF and ESI Registration?
ESI is known as Employee State Insurance is a scheme launched by the Government of India to offer medical, monetary, or other benefits to the workers. This insurance is administrated by the Employee State Insurance Corporation which is an independent body created by the law under the Ministry of Labour and Employment, Government of India. This concept is begun by the Indian workers. Any company having more than 10 employees have a maximum salary of Rs. 21000/- has to mandatorily register itself with the Employee State Insurance Corporation(ESIC).
The Provident Fund(PF) is a retirement perk that is usable by every salaried employee. This reserve is managed and handled by the EPFO which is the Employees Provident Fund Organization of India. Contribution to the PF account is necessary for every employee receiving a basic salary up to INR 6500. it is just a savings way that allows every employee to set aside a fraction of their resources every month.
Why choose PF and ESI in India?
Employee Provident Fund(EPF) is one of the most widely used investment schemes by the salaried class. The advantages of PF are extended to all establishments with 20 or more employees. Unfortunately, the past few years have seen the interest rate on it steadily fall, hitting the five-year low of 8.55% in 2017-2018. but the buzz is that this year would not see any further dip the rate is expected to hold steady give the upcoming general elections, which is awesome news for over six crore subscribers of the Employee Provident Fund Organisation(EPFO).
Documents Required For PF/ESIC Registration:-
The procedure and process are online, no physical documents are required to be submitted. The documents required to fill out the online registration form are as follow:-
- A registration certificate attained either under the:
- Factories Act, or
- Shops and Establishment Act
- Certificate of Registration in case of a company, and Partnership deed in case of a Partnership
- Articles of Association and Memorandum of Association of the company
- A list of all the employees working in the Establishment
- PAN Card of the Business Entity and all the Employees working under the entity
- The compensation details of all the employees
- A canceled cheque of the Bank Account on the name of the company
- List of all the shareholders of the Company
- List of Directors of the Company
- A register containing the attendance of the employees
The process of PF/ESIC Registration
Step 1:- Register Organization with EPFO
Visit the website and register the organization with EPFO. On the home page of the Unified portal, there is an option called “Establishment Registration”.
Step 2:- Read the User Manual
Click on the “Establishment Registration” and you will be taken to the next page where you will get “Download Manual”. As a new user you must always download and read the instructions manual completely before the registration.
Step 3:- Register on USSP
After properly reading the manual, the employer needs to be sign up on the USSP(Unified Shram Suvidha Portal) of EPFO. The “Establishment Registration” button on the homepage of the EPFO website will open up the USSP sign-up page on the website. You will need to click the “Sign up” button and give your Name, email, mobile number, and verification code and create your account.
Step 4:- Fill the registration form
The employer requires to login the USSP and select the option of “Registration for EPFO-ESIC” button present on the left-hand side of the screen. Next, select the “apply for new registration” button on the right side of the screen.
Two options would come that is “Employees” state insurance act, 1948” and “employees’ Provident Fund and Miscellaneous Provision Act, 1952”. the employer will require to select the “Employees’ Provident Fund and Miscellaneous Provision Act, 1952” and click on the “Submit” button.
After clicking the “submit” button the “Registration Form for EPFO” page will open and the employer needs to fill in the Establishment Details, contacts, Contact Persons, Identifiers, Employment Details, Branch/Division, and Activities.
Step 5:- Attach DSC
After filling in all the information in the “Registration Form for EPFO” and attaching the relevant documents, the employer’s Digital Signature Certificate(DSC) is to be uploaded and attached to the form. Once the DSC of the employer is uploaded, the employer will receive an email from the unified Shram Suvidha Platform with a confirmation that the EPFO registration has been finished.
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Why choose EntrepreneurCell for PF and ESI Registration?
At EntrepreneurCell our skilled professionals regularly watch for any amendments in the ESI and PF acts and accordingly guide our client base that the required course of action is required to be taken. Our skilled professionals help you with the following:-
- We help in step-by-step assistance in the registration process of PF and ESI.
- We notify recent amendments and update the PF and ESI fund immediately
- We provide professional help in solving your query
- We handle and manage the work required after registration
- We assist in filing up the ESI and PF returns in time
- Timely update the PF and ESI accounts within the due dates. Delay in payment of PF or ESI contribution might result in interest and penalty.