Provident Fund Registration
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Establishment of a Provident Fund
Employees Provident Fund is a mechanism for employees to save money for retirement. For those working in government, the public sector, or the commercial sector, contributing to the fund is also a tax-saving alternative. Both the company and the employee contribute to the fund on a monthly basis during their working lives, which can be utilized in retirement. After their personnel count reaches 20, all entities must register with the Provident Fund Department within a month. If there is any delay, a fine may be applied.
Documents to Be Submitted
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FAQ's - Frequently Asked Questions
Any entity with 20 or more employees, whether it is a government agency, a public sector or private sector firm, must register with the PF Department. The application must be submitted within one month of reaching a total of 20 employees. If an employer desires to give a provident fund benefit to his or her employees, he or she may apply for registration on a voluntary basis
The 20-employee restriction applies to all permanent, semi-permanent, and other contract employees in the business, such as housekeeping, security, and other contract employees.
Employers must deposit 12% of each qualified employee’s basic salary into a provident fund account if they are registered.
Employees who are eligible must contribute a total of 12 percent of their basic salary, with 3.67 percent going to the provident fund and 8.33 percent going to the pension system.
All permanent, semi-permanent, and other contract employees in the business, such as housekeeping, security, or other contractual staff, are included in the 20-person limit.