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Provident Fund Registration: History
The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th of November 1951. It was replaced by the Employees’ Provident Funds Act, 1952. The Employees’ Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred to as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India except Jammu and Kashmir.
Provident Fund Registration: Why should it Matter to you?
EPF or Employee Provident Fund is mandatory for all establishments with more than 20 employees. Some establishments having less than 20 employees would also be required to obtain PF Registration but that is voluntary as per the will of the firm. As per the laws of the aforementioned act, it is obligatory for those employees who draw a pay of less than Rs. 15,000 to become members of the EPF while, those employees who are drawing pay of more than Rs 15,000 can still become a member and make PF contributions, with the consent of the employer.
Provident Fund Registration: Documents Required
The following documents are required during the process of EPF registration.
- PAN Card and Aadhar card copy
- Bank A/C details of the company
- Establishment Proof
- PAN Card copy of the Company
- Canceled Cheque
- Certificate of Registration