PF & ESIC Registration

The PF scheme is a social security initiative aimed at providing financial stability to employees after retirement. Under this scheme, both employees and employers contribute a certain percentage of the employee’s salary towards a provident fund account. PF registration is mandatory for establishments with 20 or more employees and voluntary for those with fewer employees. The ESIC scheme offers medical, cash, maternity, disability, and dependent benefits to employees. ESIC registration is compulsory for establishments with 10 or more employees earning less than Rs. 21,000 per month. Similar to PF, both employers and employees contribute to the ESIC fund to avail of these benefits. To maintain compliance with PF and ESIC regulations, businesses must:

• Ensure timely deposit of PF and ESIC contributions.
• Maintain accurate records of employee details, salaries, and contributions.
• File monthly, quarterly, and annual returns within the stipulated deadlines.
• Stay updated with any changes or amendments in PF and ESIC laws and regulations.

In conclusion, PF and ESIC registration, coupled with ongoing compliance, are indispensable elements of responsible business practices. By prioritizing employee welfare and adhering to regulatory requirements, businesses not only fulfil their legal obligations but also contribute towards creating a conducive work environment conducive to growth and prosperity for all stakeholders involved.

Applicability of PF and ESIC

PF Applicability: The Employees’ Provident Fund (EPF) scheme is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It applies to every establishment employing 20 or more employees. It covers various industries like factories, establishments engaged in specified activities, and other notified industries. All employees earning basic wages of up to ₹15,000 per month at the time of joining are mandatorily covered. Employees earning more than ₹15,000 per month can also join voluntarily with employer consent. Employees are supposed to contribute 12% of basic wages plus dearness allowance and retaining allowance, if any and employer is also supposed to contribute equally i.e. 12% of basic wages plus dearness allowance and retaining allowance, if any, out of which 8.33% goes to the Employees’ Pension Scheme and the remaining 3.67% to the EPF.

ESIC Applicability: The ESIC scheme is governed by the Employees’ State Insurance Act, 1948. It applies to all factories and specified establishments employing 10 or more employees. The scheme is applicable to employees drawing wages up to ₹21,000 per month (₹25,000 for employees with disabilities). This scheme is implemented area-wise, and the coverage extends to areas where ESIC facilities (like dispensaries and hospitals) are available. Employees are supposed to contribute 0.75% of the wages whereas employer is supposed to Contribute 3.25% of the wages.

PF & ESIC Registration Process in India

The registration process for Provident Fund (PF) and Employees’ State Insurance Corporation (ESIC) in India involves several steps. Here’s a detailed guide for both:

Provident Fund (PF) Registration Process

• Visit the EPFO’s Unified Portal for Employers: EPFO Employer Registration
• Click on the “Establishment Registration” link
• Register as an employer by filling in the necessary details
• Log in using the credentials sent to your registered email ID
• Fill out the application form with all required establishment details and upload the necessary documents
• Submit the application form
• The application is reviewed by the EPFO authorities
• Upon successful verification, a unique PF code number (Establishment ID) is allotted to the establishment
• The employer can now manage the PF accounts of the employees through the EPFO portal

Employees’ State Insurance Corporation (ESIC) Registration Process

• Visit the ESIC’s official website: ESIC Portal
• Click on “Sign Up” under the “Employer Login” section
• Fill in the employer details to create an account
• Log in using the credentials received via email
• Click on “New Employer Registration” and fill out the form with establishment and employee details
• Upload the required documents
• The application is reviewed by ESIC authorities
• After successful verification, a 17-digit registration number (ESIC code) is issued
• The employer can now log in to the ESIC portal and manage employee details and contributions

Documents Required for PF & ESIC

• PAN card of the establishment
• Certificate of Incorporation or Partnership Deed
• Address proof of the establishment (electricity bill, water bill, etc.)
• Bank statement or cancelled cheque
• List of employees with their date of joining and salaries
• Digital signature of the employer

Why Choose Us?

Choosing ComplianceBuddy for PF and ESIC registration can offer several advantages, particularly for businesses looking to streamline and ensure compliance with regulatory requirements. Here are some reasons why ComplianceBuddy might be a preferred choice:

• ComplianceBuddy’s experts possess extensive knowledge of Provident Fund (PF) and Employees’ State Insurance Corporation (ESIC) regulations, ensuring accurate and efficient handling of the registration process.
• The team stays updated with the latest changes in laws and regulations, ensuring that your business remains compliant with all current statutory requirements.
• ComplianceBuddy streamlines PF and ESIC registration, minimizing the time and effort for businesses by managing the paperwork, documentation, and follow-ups with the relevant authorities.
• ComplianceBuddy provides end-to-end support, from initial consultation and document preparation to submission and follow-up with authorities until the registration is complete.
• Beyond registration, ComplianceBuddy can offer further continuous support for compliance management, ensuring that your business remains compliant with PF and ESIC requirements including timely filing of returns.
• By leveraging our expertise, ComplianceBuddy minimizes the chances of errors in the registration process, which can otherwise lead to delays and complications.
• Our services are digital-first, providing a hassle-free experience with online document submission and management, significantly reducing the need for physical paperwork.
• Their services are typically offered at competitive rates, making it a cost-effective solution for businesses, specially small and medium-sized enterprises (SMEs) that may not have the resources for an in-house compliance team.

Overall, ComplianceBuddy simplifies PF and ESIC registration with professional and efficient handling, offering expertise and comprehensive support. Our up-to-date knowledge of compliances and regulations makes them a valuable partner for businesses seeking hassle-free compliance.