About PF Registration
Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. PF registration is applicable for any corporation or establishment which employs 20 or more people.
The PF contribution paid by the employer is 6% of basic salary, dearness allowance and retaining allowance combined. An equal contribution is payable by the employee. In case of establishments which engage less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employee and the employer is restricted to 10%. For most employees working in the private sector, it’s the basic salary on which the contribution is calculated.
It is obligatory that employees’ drawing less than ?15,000 per month, to become members of the EPF. As per the guidelines in EPF, employee, whose ‘basic pay’ is more than ?15,000 per month, at the time of joining, is not required to make PF contributions. Nevertheless, an employee who is drawing the pay of more than ?15,000 can still become a member and make PF contributions, with the consent of the Employer.
A Provident Fund return must be filed by all entities having PF registration every month. PF return is due on the 25th of each month. Additionally, a final PF return is due on the 25th of April for the year ended on 31st March.