What is Employees Provident Fund (EPF)?

Employees Provident Fund is a retirement benefit scheme for all salaried people and this fund is maintained by Employees Provident Fund Organization of India (EPFO) and any company having 20 employees or more is required to register with EPFO.

During the working tenure, employee and employer both contribute 12 percent of the basic salary of employee into EPF account. Employee's entire 12 percent goes into EPF account and Employer's 3.67 percent is transferred into EPF account of employee. Rest 8.33 percent from employer's side is diverted in Employees Pension Fund (EPF).

EPF Registration

EPF Registration is mandatory for companies/organizations having more than 20 individuals. Registration can be done online and offline both but preferably done with online mode.

Employer needs to provide following details along with EPF Form which can be downloaded from EPFO website

  • Name and address of the company along with head office and branch details
  • Certificate of Incorporation (In case of Private or Public Company)
  • Registration Certificate (In case of society)
  • PAN details of the company
  • Proof of Incorporation
  • Salary details of employees
  • Balance Sheet details

Following documents are required to furnish for successful registration of EPF

  • Copy of partnership deed (In case of partnership firm)
  • Date of Incorporation of company
  • Provide Details of employees (name, date of joining, salary, etc)
  • Business of the company
  • Director’s details
  • Banking details of the company
  • PAN details

What is ESI Return?

Employees' State Insurance (ESI) is self-financing social security and health insurance scheme for the Indian Workers, which is an autonomous corporation governed by Ministry of Labour and Employment. This Fund of ESI is managed by Employee State Insurance Corporation (ESIC) and its rules regulations. All entities registered under ESI registration must file ESI returns which is due half yearly.

Applicability of ESI?

The ESIC is applicable on all the establishments having 10 or more workers and is beneficial to all the employees earning Rs.21, 000/- or less per month as wages, employer must contribute 3.25 percent and employee must contributes 0.75 percent towards ESI.

Benefits of ESIC

THE Employees registered under ESIC are entitled to medical treatment for themselves and their dependents, unemployment cash benefits and maternity leaves for women employees.

How to file ESIC return?

Following points needs to be considered for ESI Return:

  • Log in Employer Portal using 17 digit Employer digit code.
  • Go to monthly contribution section.
  • All the details of the employer contribution will be displayed.
  • Verify the details.
  • If there are any short payments in respect of employees then complete the dues.
  • Do Self Certification under monthly contribution section, then check mark the declaration and submit the return.