EPFO AND ESIC- REGISTRATION
The Employee Provident Funds and Miscellaneous provision Act. This Act provides for the institution of provident funds, Pension fund, and deposit and linked insurance fund for employees in factories and other establishments.
Eligibility criteria for EPF Registration:
Section 1(3) of the above act defines the eligibility criteria for EPF Registration
Benefits of registering under EPF Scheme:
EPF Contribution rates:
12/10% of the Employee share will be contributed as Employee Provident Fund.
10% rate is applicable for:
THE EMPLOYEES STATE INSURANCE ACT,1948:
NOTE: However the threshold for Coverage of establishments is still 20 Employees in Maharashtra and Chandigarh.
BENEFITS OF REGISTERING UNDER ESIC SCHEME:
1. Full medical care is provided to an Insured person and his family members from the day he enters insurable employment.
2. Sickness Benefit in the form of cash compensation at the rate of 70% of wages is payable.
3. Maternity Benefit for pregnancy is payable for Twenty Six weeks.
4. If the death of the employee happens while on work – 90% of the salary is given to his dependents every month after the death of the employee
5. Funeral expenses and Old age care medical expenses.
6. Expenses in case of disability of the employee.
ESIC Contribution Rates:
|Employer Share||3.25% of the wages|
|Employee Share||0.75% of the wages|
NOTE: Employees in receipt of a daily average wage up to Rs.137/- are exempted from payment of contribution This is because Employers will however contribute their own share in respect of these employees.
KEY POINTS TO REMEMBER:
Shram Suvidha Portal is an ‘Ease of Doing Business’ Labour Law Reform initiative by the Ministry of Labour & Employment, Government of India. It was launched on 16 October 2014 with a facility to get all kinds of registrations and submit returns in the context of labour laws at a single online window.
Before that Registration of PF and ESIC used to happen on their particular website only.
You can take a common registration for both PF and ESIC at unified Shram Suvidha Portal.
1. Firstly, you must create an account in the name of the applicant on the portal.
2. Then click the tab ‘Under EPF-ESIC Registration’ which is given on the right side.
3. An application for registration will appear, fill all necessary details, and submit the application.
4. DSC or E-Signing is required for Final submission.
5. You’ll get a registration mail along with your Login Credentials on your registered Mail-ID.
DOCUMENTS REQUIRED FOR REGISTRATION (EPFO AND ESIC):
No physical documents and physical visits are required for submitting documents to register. All documents to be uploaded online only at the time of filing application for registration
The required documents as follows:
1. Copy of registration certificate or licenses in the name of the company.
2. PAN Card of the Business Entity as well as all the Employees working under the entity.
3. Number of Employees and their details
4. Primary Business Type of entity.
5. A Specimen of Signature.
6. Digital Signature.
7. Scanned copy of a cancelled cheque
8. Proof of Address of business entity.
9. Setup Proof
10. License Proof
11. Lease deed if Hired/Rented/leased
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