Starting PF Accounts in a Small Firm: What Are the Steps and Eligibility Criteria?

Dear All Members and Seniors,

I am working in a Pvt Ltd firm with 50 employees on staff, and currently, we do not have any PF account or policy for employees. Now, management wants to meet the criteria to deduct PF from employee salaries. Could you please help me with how we can start PF in our company? What is the procedure and the eligibility criteria for PF? Also, what is the minimum salary range on which PF is applied?

I kindly request all of you to guide me.

Thank you.

Dear Mr. Sureliya,

Since your establishment is employing more than 19 employees, your company should have started compliance under the Act soon after reaching 20 or more employees, without waiting for a Code number. Please meet the PRO of the EPF Office at INCOME TAX CIRCLE, ASHRAM ROAD, AHMEDABAD for further guidance or call 27541383 or 27542084 and request assistance. Alternatively, you may contact any consultant. I can provide a reference for Mr. Girish Choudhry at 9825039599, who will assist you in this matter.

With regards,

CHANDOK-EX RPFC
09988021715

Dear Dhruvin Ji,

Please visit the local Employees' Provident Fund Organization (EPFO) office at Bhavishya Nidhi Bhavan, Income Tax Circle, Ashram Road, Karnavati 380014, and meet the enforcement officer there. He will guide you in the matter and also provide necessary forms. You may also visit the EPFO website of Gujarat regional office. That will help you.

Thanks and regards,

Dear Dhruvin Sureliya,

You have to submit Proforma, Form 5A, and an Application for the allotment of Business No. to obtain the Code No. Please ensure that you have documents to prove the exact date on which you employed 20 or more persons.

If you have employed 20 or more individuals in the earlier period, then your coverage should be calculated retrospectively from that date at the rate of 25.61% of the Basic and DA.

S. Sethupathy Excellent HR Services Erode.

I have a question about creating a PF account for a new company. I read that opening a new PF account is necessary as soon as the number of employees reaches 20.

My question is, we were suggested that companies like Aviva, LIC, or Max offer such schemes, and if we participate in those, we may not need to opt for the Government Provident Fund scheme. Is that correct? Or is it optional?

Please advise urgently.

Thanks,
Partha

Dear Partha,

The pension schemes you have mentioned are for individuals and for some groups. This will not be treated as a substitute for the Employees Provident Fund Scheme.

Hence, every establishment with 20 or more workers is required to be covered under the EPF Act 1952. Alternatively, you can create your own PF Trust to manage the fund, but that too is controlled by EPFO.

S. Sethupathy
Excellent HR Services
Erode

What is the procedure to register a company for EPF with fewer than 20 employees? What are all the procedures and documents that have to be filed for the registration of the same?

Dear All Members and Seniors,

I am working in a Pvt Ltd firm with 50 employees on staff, and currently, we do not have any PF account or policy for employees. Now, the management wants to meet the criteria for deducting PF from employee salaries. Can you all help me understand how we can start PF in our company? What is the procedure and the eligibility criteria for PF? Also, what is the minimum salary range on which PF is applied?

I kindly request your guidance on this matter. Thank you.