This article brings out the key features of applicability and registration with the Employees Provident Fund Organisation (PF dept)
Provident Fund is a Social Security Benefit to employees. During an employee’s productive life he along with his employer contribute monthly to a PF Fund which then serves as a nest on retirement for his/her old age.
The company which has an employee strength of 20 or more are required to be registered with PF Department. The strength of 20 includes contract employees like housekeeping, security or other contractual workers in the business. Companies having less than 20 employees may voluntarily seek PF coverage through what is termed as a Voluntary Declaration Process. (Process differs from a mandatory Registration). Registration has to be done within One month from the date of reaching 20 employees. Any delay may result in a penalty. Click Here How to Register Your Business with PF Department
Forms to be filed for PF registration
The following forms are to be filed for registering your business:
1. A Detailed Application for termed as “ Proforma for coverage”
2. Form 5 A with Annexure I
The application forms require information on following matters:
Information required for filling up forms
1. Name of The Company
2. Postal Address
3. Telephone No
4. email Address
5. Details of Director/ Managing Director/ Partners – Address, Ph. No, email ID
6. Details of Authorized Signatory (in a case whose is signing in the place of Director)
7. Nature of Business
8. Date of Commencement of Business
9. Date of Joining of Employees, Father Name, DoB
10. Salary Statement
11. PF Statement
12. Bank Account Details of the Company
The application forms to be supported with the following documents:
Documents required for filling up the Forms
1. Incorporation Certificate of Company
2. MoA & AoA
3. Rental Agreement/ Lease Agreement of Company
4. Company PAN Card
5. Address Proof of Director – Lease / Rental Agreement
6. ID Proof of Director – Pan Card / Election Card/ Passport/ Driving License
7. List of Directors
8. Registration copies with other Departments like. VAT, PT, Labour dept.
9. First Invoice raised from the company
10. A true copy of Board resolution empowering company representatives as Authorised signatories
Once documents are filed the PF Authorities carry out a physical inspection of the premises and verify all original documents. On satisfaction, the business is granted with a PF allotment letter.
On allotment, the following activities are to be carried out by the company to come up to date to file Form 2 (nomination forms) from all employees and prepare and submit a Form 9 Register and allow employee PF no’s in serial order.
After registration with the PF Dept, you are good to make the monthly PF deductions, remittances and filing the monthly returns.