New IT Company with 15 Employees: How Do I Set Up PF for My Team?

Hi, we are a newly started IT company in the developing stage, and I want to provide PF to my employees. We have a total of 15 members. What is the procedure for availing PF for my employees? Any suggestions?

It's a good and great thought. First, fill out the Proforma for Coverage form (Form 1). You can access the form through this link: http://epfindia.com <link fixed>. Along with this application, you need to provide:

- First invoice copy of your company
- Shops & establishment act Registration Number
- All other details requested in the application

Additionally, visit the EPFO (Govt. of India) site for further information. This will assist you. You should also apply for ESI Act Coverage (wages should be below Rs. 10,000 for disabled and Rs. 25,000 for others) in your company. This is beneficial as the entire medical care will be managed by them, providing good support for the employer with respect to employee health. Ensure you manage your payroll sheet wisely for ESI coverage.

If you have any doubts about filling out the application, feel free to contact me.

Regards,
Ramnarayan
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PF and ESIC Coverage Limits

PF coverage limit is below ₹6,500 (basic salary) and below ₹25,000 for disabled individuals (basic salary).

ESIC coverage limit is below ₹15,000 (gross salary) and below ₹25,000 for disabled individuals (gross salary).

Applying for Provident Fund (PF) Benefits

It is really nice that you have thought of giving PF benefits to the employees of your establishment. As there are 15 employees in your establishment, apply before the Provident Fund authority in Coverage Form No. X with an application stating that the employer and the majority of employees in relation to the establishment have agreed that the provisions of the EPF Act should be made applicable to the establishment.

Supporting Documents Required

• Consent of the majority of employees is necessary.
• Consent of management (employer) is necessary.
• Registration of your establishment.
• PAN card.
• First partnership deed/memorandum and articles of association/Trust deed.
• First electricity bill.
• Extract of muster roll.
• Extract of wages register.
• Bank account number, name, and address of the bank.
• Exact date from which the EPF Act will be applicable to your establishment.

Regards

PF Coverage Requirements and Registration Process

Happy New Year! It is really a great thought. A minimum of 20 employees is required to obtain PF coverage. However, in your case, your employer submitted an undertaking stating that although there are only 15 members presently, another 5 members are exempted as their Basic Pay exceeds ₹10,000, hence they are not covered.

Secondly, submit all the necessary documents as mentioned by Bt-Gujrat to EPFO to get it registered so that the unit will be registered. Please let me know if you need any further information.

Warm regards,

Pranab Kumar
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