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Employee Provident Fund (EPF) is saving scheme launched by Government of India for all employees who are working in government, public and private sector organizations. EPF Return It is administered by the Employees Provident Fund Organization (EPFO) of India. Companies having an employee’s strength of more than 20 are required to get registered with the PF department. The companies can also register voluntarily if the employees are less than 20 with the PF department to give the benefits of EPF Return to its employees. The registration has to be done within one month from the date of hiring 20 employees.
The registration procedure is totally online and all the documents required for the same must be submitted in soft copies. Some of the documents which are required for registration are PAN card, canceled cheque, partnership deed, certificate of incorporation, etc. The official website of the Employees Provident Fund Organization is www.epfindia.gov.in. Once the company has made an application for EPF Registration they will get a registration certificate along with a unique number. The company will also get a user id and password to operate the account online and file the returns.
Once the employee is registered with the PF department by the organization where he/she is working will be allotted a Unique Identification Number (UAN). It is generated by the PF department for every employee who is getting enrolled. The employee can check the balance of their contribution made to date online through this UAN. In the EPF website, the employees can also their passbook and check the contribution month wise. PF Return If an employee has left the organization and joined another organization that he can transfer the balance to a new employer. On retirement, the employee can withdraw the amount of PF contributed by them.
Our Recommendation: Advantages and Disadvantages of Employee Provident Fund (EPF).