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EPF And ESI Registration

EPF And ESI Registration

One such compulsory regulation is that of provident fund for employees under the Employees’ Provident Fund Scheme (EPS) 1952. This Act was enacted by Parliament in order to provide financial security and stability to employees in an event that the employee is temporarily or no Employee Provident Fund (EPF) is implemented by the Employees Provident Fund Organization (EPFO) of India.Let us see what stipulations have the law laid down for business owners/employers to follow so as to comply with the provisions of the EPFO: What is Employee Provident Fund? This is a fund created and managed by a Central Government Trust where employers and employees contribute specified amounts every month during the employment tenure of the employee. Provident Fund accout helps employees to take care of their various needs like: ?Retirement ?Medical ?Housing ? Voluntarily - Any employer employing less than 20 people can voluntarily opt for PF registration. This is done to implement better employee benefits and retention and also help protect employee's interests. ? Applicable if you hire 20 and more employees. Voluntary registration available for lower strengths. ?Allowed as valid expense for employers. For employees the contribution is exempted for calculating taxable salary. ?Monthly returns need to be filed. ? Any business/establishment with 20 or more employees working in any one of the 180+ industries (given here) should register with EPFO. ? 12% of the Basic, DA, and cash value of food allowances have to be contributed by the employer and employee each to the EPF account of the employee. The rate of contribution is 10% in the case of following establishments: o Any covered establishment with less than 20 employees, for establishments cover Scheme, an employer is liable to pay only inspection charges @ of 0.18% of emoluments....

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