Out of all the schemes and laws, the EPF and ESIC are the most sought after. In both the schemes a predefined percentage is deducted from employee’s salary and proportionate amount is added to it by employer and then aggregate amount is deposited to the account of concerned employee..
VJM & Associates LLP helps you with the process of PF registration and ESI registration and in the management of EPF and ESIC accounts. We also help with timely deposits of the funds in the EPF and ESIC accounts and keeping it up to date with the recent amendments in the law regulating it.
The Employees’ Provident Fund (EPF) is a savings scheme introduced under Employees’ Provident Fund and Miscellaneous Act, 1952. It is managed by the central board of trustees consisting of the government, employer and employees; it is assisted by The Employees’ Provident Fund Organization. EPFO works under the direct jurisdiction of the government and is managed through the Ministry of Labour and Employment.
EPF is commonly known as PF in India and is a scheme through which a portion of employee’s income is set aside for use during any emergency or post-retirement. The employer and employees deposit a certain percentage towards PF every month. The percentage of money to be deducted from the employee’s salary and percentage to be contributed by the employer is predefined under EPF Act.
There are many benefits of registering to the EPF scheme, some of these are:-
Following is the list of document required for registration under EPF scheme:-
1. Establishment Details:
2. E-contact details
3. Details of Primary and other owners
4. Details of any other certificate. E.g. GST Registration, Shops and Establishment registration or any other certificate granted by government authority.
5. Details of employees covered under EPF Act
6. Details of Branches and divisions
7. Details of activities
8. Proof of Address:
9. Agreement between employer and employee in case of voluntary coverage
To register with EPF scheme go to http://www.epfindia.gov.in/site_en/index.php
At VJM associates LLP, we help you with:
ESIC stands for Employee State Insurance Corporation is an autonomous body created by law and is under the control of the Ministry of Labour and Employment, Government of India. It regulates the ESI scheme as per ESI Act of 1948. ESI scheme is set to cater the health and insurance needs of the employees and is funded by the employees and the employer.
VJM & Associate LLP will help you with the hassle free registration process of ESIC and in completing further compliances within time to avoid penal consequences.
ESIC Scheme ensures Various benefits to registered employees and their dependents. List of benefits is as follows:
Following is the list of document required for registration under ESIC scheme:-
2. Details of all bank accounts
3. Nature of business
4. Registration details and certificate obtained either under Factories Act and Shops and Establishment Act.
5. Date of commencement of factory
6. Constitution of business
7. Name, age, Designation, father’s name and address proof of all directors/owner of the establishment
8. Details of number of employees
9. Details of employees
At VJM & associates LLP our skilled professionals regularly watch for any amendments in the ESIC and EPF acts and accordingly guide our client base that necessary course of action is required to be taken. Our skilled professionals help you with the following:-
At VJM associates LLP, we help you with:
To apply for the ESI, you need to check the eligibility criterion and then visit the http://www.esic.nic.in/ and fill Form No-1.
You cannot get PF amount in the ESI account because PF is a monetary fund to help employees in unemployment period and retirement; whereas ESI is meant for meeting social securities namely health and insurance for the family and employees.
EPF is as good as a savings account maintained for the employees and he can get details of the amount deposited to the EPF account over the period of time and interest accrued.
However, ESIC is equivalent to insurance premium paid for medical benefits. Amount paid to ESIC account is not refundable to the employee.
ESI scheme is set to cater the health and insurance needs of the employees and is funded by the employees and the employer. For this purpose, registration with the government is required which is called ESI registration.
Log in to your registered account on the EPF website and click on the downloads which are at the top of your account. A dropdown list will appear and choose EPF certificate, your PDF version will be generated.
The contributors in PF and ESIC are the employer and employee in a predefined ratio.
EPF:-The employer and employee both contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF. However, in case an establishment opt for EPF registration voluntarily then 12% reduces to 10%.
ESIC:-Currently, the employee’s contribution rate (w.e.f. 01.07. 2019) is 0.75% of the wages and that of employer’s is 3.25% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage upto Rs. 137/- are exempted from payment of contribution.
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As per EPF Act, every establishment employing 20 or more employees are liable to get themself registered under EPF Scheme. However, establishments with less than 20 employees may get registered voluntarily.
The UAN of an employee remains the same throughout life irrespective of the number of jobs he/she changes. Every time an employee switches his/her job, EPFO allots a new member identification number (ID), which is linked to the UAN.
To provide some relaxations to establishments without affecting earnings of workers, the government has come with various reliefs by EPF and ESIC during covid 19 in compliances requirement with respect to ESIC and EPF.
There is a legal framework for all organizations to function accordingly when it comes to the welfare of their employees. The treatment is termed as
The Government of India has reduced the rate of ESIC contribution under the Employees’ State Insurance Act (‘ESI Act’) from 6.5 percent of the total
Provident Fund has been one of the foremost drivers of pooling retail savings in India. Every Indian salaried employee is aware of ‘Provident Fund contributions
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