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Other Registration

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Employees' Provident Fund (EPF) And Employee's State Insurance Corporations (ESIC) is an independent body brought by the Ministry of Labour, Government of India. Before 2020, if the businessman were planning to start a business venture or want to start a Manpower supply business or Security Guard services, they need to comply with certain labor and employee welfare rules. EPF & ESIC are two of the imported labor welfare law which needed to be compiled. But after the new rules and regulation brought by the Ministry of Corporate affairs introducing that every new company is eligible for this registration and will be mandatorily registered at the time of undergoing incorporation of Company. This amendment was done to bring every new company under the purview of the Labour laws.

Employees' Provident Fund (EPF) scheme is the withdrawal scheme for the employees at providing the benefit at the time of retirement. In this scheme both the employer and the employee give almost equal contribution and deposit the same in the EPF account of the member through monthly return filling. The total number of employees required for registration under PF Act for factories is 20 or more employees for Pan India. If any existing organization does not fulfill the requirement of 20 employees then also it can take registration on voluntary basis. The amount of contributions as prescribed are payable on maximum wage limit of Rs. 21000/- and for worker who is not resident of India, wage ceiling of 21000/- is not applicable. EPF is partitioned into two sections which are provident fund and Employee Pension Scheme. The Contribution of the employee is 12% which is deposited into Provident Fund account and in case of contribution of the employer 8.33% is deposited to Employee Pension Scheme out of 12% remaining 3.67% is deposited to the provident fund account.

Employees' State Insurance Corporation (ESIC) provides the benefits of availing social security and provide health insurance scheme to workers. This scheme is brought by the Ministry of Labour for Indian workers. It is run and supervised by the Employees State Insurance Corporation (ESIC) as indicated by rules and regulations specified in the ESI Act 1948. These registrations are totally online and on real time basis. No manual intervention/approval is required for registration. The total number of employees required for registration under ESI Act for factories is 10 or more employees for Pan India. If any existing organization does not fulfill the requirement of 10 employees then also it can take registration on voluntary basis. The reimbursement provided by the pf/esi scheme are funded from the contributions raised from the employees and their employers at the fixed percentage of salary. At present, contribution of the employees is 0.75% of the wages to the ESIC and contribution of the employer is 3.25% of the wages which is payable to their employees which are covered under this scheme.

Key Features & Benefits

It's time to think about the benefits of the registration.

Mandatory Requirement

In case of EPF 20 or more employees are mandatory and in case of ESI 10 or more employees are mandatory. But in case any organization is willing to register themselves under PF or ESI then they can take voluntary registration with less than 10 or 20 employees as the case may be.

Benefits available under this scheme

In case of EPF, it provide pension benefit, Insurance, death, withdrawal benefits and in case of ESI, it provide complete health and medical care and attention, sickness and maternity benefit to the employees.

Standard Contribution amount

In the case of PF an employee has to pay an assured contribution towards the scheme and an equal contribution is paid by the employer. But in case of ESI scheme there is prescribed percentage for the employer and employees contribution i.e. is 0.75% of the wages will be contributed by the employees and that of employer's is 3.25%.

Compliance requirement

In case of EPF and ESI the filing of returns must be completed by the 15th of each month through unified portal. These due dates are for both payment and return filing.

Helps in unforeseen situations

It is most useful in case of any emergency, the ESI fund provides monthly cash allowance for a period of utmost 24 months in case of loss of employment or any disablement like permanent invalidity due to non-employment injury. Moreover Provident funds can be used for the crisis management in unexpected Circumstances.

One Individual, Single account

The most important benefit is that the individual will be having single account for his lifetime even if he changes his place of employment. Provident fund account is firm and movable. ESI is a self-financing social security scheme for an each and every employee.

Myths

NeuSource kills all the myths!!

Process of PF AND ESI Registration in India

You can get quicker in business through following registration process!!

Pf and ESI registration is a one stop registration available through Shram Suvidha Portal.

  • Create logins through email Id and Phone no by clinking on registration page.

  • Fill the detailed application with the given information of Business or factory details, employee details etc.

  • Details of primary manager and authorized representative to be provided.

  • Filing the details of industrial Activity and nature of Business.

  • Upload the mentioned signed and scanned documents.

  • Submit and sign the application through Digital signature certificate or e-sign.

  • Here the last step to wait for the application for 1 hour to generate EPFO and ESIC logins.

  • There after PF and ESI allotment letter will be granted.

We do it with MONEY BACK GUARANTEE PF AND ESI Packages in JUST 7 DAYS

We concern the matters relating to false guarantees and specifically address the same by providing the MONEY BACK GUARANTEE for the service in simply 7 working days. When an individual not absolutely pleased with the services for which he paid, he might standup the disappointment with a describing observation. We maintain with precaution and issue a refund or credit the charge card according to the internal refund policy.

Documents Required For PF AND ESI Registration

Clear documents are the fuel for registration!!

  • Details and legal documents like Pan card, incorporation certificate, MOA, AOA of establishment
  • Supporting proofs of commencement of business
  • Identity proof and Address details of directors or partners and employees
  • List of employees with their pan cards working in the establishment
  • Wage ceiling of all the employees and total wages paid
  • Voluntary Coverage Agreement

Submit Document here

Easy to operate with less rate of maintenance

Conclusion

Here to conclude the PF and ESI registration is now obligatory for every new company whether it is private Limited, Public Limited, One person company or Nidhi Company to be registered in India as per the new notification of Ministry of Corporate affairs but for Partnership Firm and Proprietorship Firm it is still voluntary registration. By law, any organization that has in excess of 10 workers compulsorily needs to have ESI. In certain states, the number of workers or employees is 20. To provide the benefits to the employees and safeguarding the employer the registration under this act has to be complied with. We at NeuSource Startup with the team of expert advisors providing the consultancy regarding the complete process of registration along with their compliances benefits of PF and ESI registration within the shortest time possible. We make your communication with government as smooth as is believable by doing all the filing work for you.

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FAQ's

If you've got the time, we've got the faqs!!

  • What is the time period for compliance under ESIC and EPFO?

    For EPFO & ESIC compliance the return filing and the payment can be both done at the same time. But in case of ESI the filing of returns must be completed by the 15th of each month.

  • What is contribution rate for employers and employees in PF and ESI?

    In case of PF the contribution by both the employer and employee is in equal proportion but is case of ESI the contribution of the employees is 0.75% of the wages to the ESIC and contribution of the employer is 3.25% of the wages which is payable to their employees who are covered under this scheme

  • Is ESIC and EPFO registration is mandatory?

    EPF and ESI is a compulsory and contributory fund for Indian organizations, every new company incorporated in India will be given PF and ESI registration mandatorily while for partnership firm and Proprietorship firm it is still voluntary depending upon the number of employees.

  • How to know PF/ESI code number?

    After submitting the application online department generates a 17-digit unique identification number with login details, which is used for the lifetime as an ESI code number and it is allotted to every registered establishment. It is received on the Email Id of the primary owner as submitted in the application. EPFO number is sent the registered mobile number of the employer along with login details. After login the portal employer can download the allotment letter.

  • What is meant by sickness benefit in ESI?

    Sickness Benefit means monthly cash payments made to the employee during the period of sickness which is used as benefit when the employee requires medical treatment. It covers complete medical treatment from starting to the ending. Sickness benefit is paid for the period of absenteeism from the organization on medical grounds.

  • What are the advantages of PF and ESI Registration?

    The benefits that can be availed after the registration for the employees are as: In the case of ESI it provides complete healthcare, medical, sickness benefits for the employees and their dependant. Whatever payments are made are liable to be reimbursed. And in case of PF the benefits that can be availed are after retirement benefits like withdrawal, insurance benefits etc.

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