A Draft containing certain rules was published in official gazette regarding the amendment in E...
The compulsory registration for EPF/ESI for companies/organisations is required at the time of incorporation when a company have the strength of 20 employees or more, with effect from February 23, 2020. A company that grows to the minimum threshold of 20 employees has to get registration within one month of attaining that strength.
By the recent amendment, the Ministry of Corporate Affairs has replaced its existing SPICe form (Simplified Proforma for Incorporating Company Electronically) with a new web form SPICe+ ( Simplified Proforma for Incorporating Company Electronically Plus: INC 32). The newly notified SPICe+ would be offering ten new services under the Ministry of Corporate Affairs, Ministry of Finance, and Government of Maharashtra (Registration of Professionals). SPICe+ web form will allow the new companies to fulfil business compliances mandated through a single form window.
The Employees’ Provident Funds Act, 1952, provides for a provident fund scheme, where an employee pays a specific contribution towards the scheme, and an equal amount of contribution is paid by the employer of the company. The Employees get an amount of money towards the contribution made with interest on resignation or retirement.
Contribution: The employee deposited 12%, and the employer deposited 8.33% to the provident fund account.
Employees’ State Insurance Scheme is a social insurance scheme introduced under the Employees’ State Insurance Act, 1948. This scheme aims to protect the interest of the employee/ worker in conditions/events which are unforeseeable.
After signup, a verification mail will be received on the email id. Open your inbox and click on the verification link received. After clicking on the verification link, a new page gets enter the verification code appearing on the screen and click on generate OTP.
The generated OTP will be received on mobile number earlier mentioned while signing up.
3. Now, preferred user id and password can be entered.
After submitting, a message is received for the completion of successful registration.
Now again, go to Shram Suvidha portal home page and log in with your user ID and password.
4. Now in Shram Suvidha portal home page, you can find an option called registration under the dashboard; now select registration for EPFO-ESIC (In the next step, you can choose only EPF registration).
Now on the new page, click on apply for new registration.
Now select which registration you want; you can choose PF registration or ESIC registration, or both.
5. Now, you need to enter the establishment’s details and upload the required documents. If you don’t know how to fill in all these details, download this manual and read the instructions carefully.
List of current employees with their details:
(Not an exhaustive list, may ask for more documents for the purpose of registration)
For achieving the goals of Ease of Doing Business, recently, the Ministry of Corporate Affairs has published a notification dealing with compulsory Registration for EPF/ESI for new companies. It would likely increase the new companies’ burden and fetch penalties due to their non-compliance. Consequently, this will increase the compliance cost for the new companies.
Read Our Article: ESIC – Step By Step ESI Registration Procedure Online in India