Employee’s Provident Fund (EPF) is a retirement benefits scheme that’s available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organization of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO. PF contribution is mandatory for employee drawing Basic Salary up to 15000. It’s a savings platform that helps employees save a fraction of their salary every month that can be used in the event that you are rendered unable to work, or upon retirement. When you start working, you and your employer both contribute 12% of your basic salary (plus dearness allowances, if any) into your EPF account. The entire 12% of your contribution goes into your EPF account along with 3.67% (out of 12%) from your employer, while the balance 8.33% from your employer’s side is diverted to your EPS (Employee’s Pension Scheme). Interest rate on PF is 8.5% p.a.
Employee’s State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers. ESI Registration is mandatory for employers having 10 or more employee. For all employees earning Rs.15, 000 or less per month as wages, the employer must contribute 4.75% and the employee must contribute 1.75% towards ESI. The ESI fund is managed by the ESI Corporation (ESI) according to rules and regulations stipulated therein the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India.
Documents Required for ESI Registration
Registration Certificate or License issued under Shops and Establishment Act or Factories Act, if available.
Memorandum and Articles of Association or Partnership Deed or Trust Deed, depending upon the constitution of the ownership of the establishment.
Certificate of commencement of production and/or Registration No. of CST/ST, if available.
Month wise employment position, salary etc.
List of Partners or Directors.
PAN Card and Address Proof of the Factory/Firm/Establishment.
Evidence in support of the date of commencement of production /business.
Copy of bank statement.
Vincyte can help you obtain easy ESI registration for your business. Our ESI experts can also help you to compute ESI payments and maintain ESI regulation compliance for your business.
Documents Required for PF Registration
Name of the company
Date of setup of the company
Scan copy of company’s PAN (Proprietor’s, in case of proprietorship concern)
Scan copy of licenses available in name of the company. (Like Service Tax, VAT etc.)
Scan copy cheque of company's bank A/c
List of Directors/Partners
Email address, Mobile Number of Proprietor/Director/Partner
Copy of First Sale Bill/Job Work Bill and first Purchase Bill
Monthly strength of employees from Date of setup
Current List of employees with details:
- Father’s Name
- Date of Joining
- Date of Birth
- Mobile Number
- Postal Address
- Name of Nominee
- Grade (Unskilled, Semi, Skilled)