Employees' Provident Fund Organisation (EPFO)
What Is Employees' Provident Fund Organisation
The Employees’ Provident Fund Organisation (EPFO) is a government body under the Ministry of Labour and Employment, Government of India, responsible for managing the Employees’ Provident Fund (EPF). It ensures social security and financial stability for employees after retirement.
Key Points About Professional Tax:
Applicable To: Salaried employees, freelancers, businesses, and professionals (such as doctors, lawyers, and chartered accountants).
State-Specific: Levied by state governments, so the amount and rules vary across states. Some states like Delhi and Haryana do not impose professional tax.
Maximum Limit: ₹2,500 per year, as per the Constitution of India.
Key Functions of EPFO:
Manages Provident Fund (PF) Accounts – Ensures employees save a portion of their salary for retirement.
Regulates Pension Scheme (EPS) – Provides pension benefits after retirement.
Oversees Employee Deposit Linked Insurance (EDLI) – Offers life insurance cover to employees.
Facilitates PF Withdrawals & Transfers – Allows employees to withdraw or transfer their PF when switching jobs.
Who is Eligible for EPF?
Mandatory for companies with 20 or more employees.
Employees earning up to ₹15,000 per month must be enrolled.
Employees earning above ₹15,000 can voluntarily opt for EPF.
Benefits of EPFO & EPF:
Retirement Savings – Employees build a financial safety net.
Tax Benefits – EPF contributions are tax-exempt under Section 80C.
Emergency Withdrawals – Funds can be withdrawn for medical, education, or housing needs.
Pension After Retirement – Monthly pension benefits under EPS.
Life Insurance Coverage – EDLI provides insurance to employees’ families.
Documents Required for Employees' Provident Fund Organisation(EPFO) Registration
For Employers (Businesses/Companies):
PAN Card of the company/firm
Certificate of Incorporation (for Private Limited Companies) or Partnership Deed (for partnerships)
GST Registration Certificate (if applicable)
Address Proof of the Business (Electricity bill, rent agreement, or property tax receipt)
Bank Account Details of the Business (Cancelled cheque or bank statement)
List of Employees (with their salary details, designation, and date of joining)
Digital Signature Certificate (DSC) (for online verification)
Shops & Establishment Act Registration (if applicable)
Factory License (if applicable)
MOA & AOA (Memorandum & Articles of Association for companies)
For Employees:
Aadhar Card
PAN Card
Bank Account Details (Cancelled cheque or passbook copy)
Date of Birth Proof (Birth certificate, school certificate, etc.)
Mobile Number & Email ID