PF Registration is needed for the incorporation of companies with 20 or 20+ employees with them. By registering the business under this Act the employees working with the company are insured of the benefits of social security. For the clients approaching GDCS India, we recommend this registration for the business of our client as mandatory and make the entrepreneurs secure.
In Provident Fund Registration the company or business is required to be registered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The aim of the Employees’ Provident Fund and Miscellaneous Provisions Act, is ensuring the employees the stability in their work and financial security, when in need of it. A portion of the salary of the employee goes to the provident fund and the employer also contribute a portion of his profit to the employees’ provident fund, which can be used as an amount in the future for the employees.
When registered under EPFO, it is the duty of the employer to take the portion of the salary as per the act and according to the salary of the employee and make the contribution and then remit the balance of the salary to the employee. He himself needs to make the contribution to the EPFO depending on the profit gain of the company. No tax is levied on this fund, even the maturity value and interest of this fund has no tax. This scheme allows the employees to get a pension on this too on retirement.
When an establishment has 20 or more employees during registration under the Employees’ Provident Fund and Miscellaneous Provisions Act, but later due to any reason a fall of the number of employees occurs and it goes below 20, then too, the employees should make the contribution as per the EPFO.
The GDCS India takes the responsibility to register a business under EPFO with required documents and the permission of the entrepreneur. We make the employer aware of the benefits that he receives by registering under the Employees’ Provident Fund and Miscellaneous Provisions Act. We are aware of the online registration under this act and will only utilize its benefits.