Frequently Asked Questions
What does UAN mean?
UAN refers to Universal Account Number, which is given by EPFO upon provident fund registration. This UAN acts as an umbrella for the numerous Member Ids given to individuals by companies.
Who generates and allots the UAN?
EPFO or Employees’ Fund organization allots UAN.
Is KYC mandatory?
KYC is necessary during provident fund registration online. Aadhaar, Pan and bank account number are required to be given by all members.
What is the procedure for ESIC registration for employers?
As an employer, the ESI registration procedure will have to be completed within fifteen days. Employers must file an application for Form 01.
Are there any compliance requirements that I need to fulfill for ESI?
Once you have completed ESIC registration online, you will be needed to comply with different compliances, such as file half yearly returns, deposit monthly contributions and report to the ESIC authorities in case there are any alterations in the activity of your business, management or ownership, the address, etc.
What does ESIC code number mean?
You will be allotted an ESIC code number, which is a seventeen digit unique identification number, after successful ESIC registration.
If the wage of my employers exceed Rs.15,000/- a month, will the contribution to ESI stop?
Even if the wage limit of your employees exceeds the set limit by the Central Government, the contribution will continue to be deducted for as long as the employee continues to be a part of your organization. However at the time of joining an organization, an employee who is drawing more than minimum prescribed salary can opt out from such scheme, however once opted he can’t opt out.
Why should I register for PF and ESIC?
Provident fund ESIC registration helps to make your company appear credible and stable, But on top of it is mandatory compliance for an employer who I employees more than 20 employees.
What is the Purpose for EPF & ESIC?
EPF: – Employee provident fund or EPF is a measure of saving for the employees, which can be used as a supporting income on retirement, or as a measure of immediate relief in case of an unfortunate situation. This can also be a savior for employees in case of a house purchase, Marriage of their children or any other requirements as mentioned in the EPF MA 1952, where partial withdrawal is allowed.
ESIC: – Employee State Insurance Corporation is a mandatory insurance scheme for workers who are drawing less than Rs/- 15000 in a month (From 2013 this ceiling is increased to Rs 25000/-). This compulsory insurance also helps employers to cover up their contingent liability of treatment and medical expenses, which may be incurred if an accident has happened at the business premises or factory.
On the other hand, it offers economic & medical assurance to workers and its dependents. Besides providing medical benefits to workers and its dependents it also ensures worker from temporary or permanent disablement and sickness.
Who needs/Eligibility to apply for EPF & ESIC?
EPF: – Every Business entity that is employing more than 20 employees will mandatorily need to apply for EPF, Even a lesser no of employees may also warrant the registration if same is provided in the Act.
ESIC: – If you have employed people who are drawing a salary less than Rs/-15000 a month (in 2013 it increased to Rs/-25000), then it is mandatory to cover them with ESIC. While Employee with contribute 1.75% of their salaries, the employer contribution will be 4.75%.
What Kind of Employees need to be covered in Provident fund scheme?
If you are Employing the following type of employees, You need to take Provident fund certificate:-
- Full-Time Employees
- Part-Time Employees
- Contract Employees
- Work from Home
- Full time Consultant
- Seasonal Workers
What is the Procedure of Online Provident fund registration?
Following are the steps in online Procedure for PF Registration:-
- Online Application :- All the declaration and online form need to be filed online with payment of requisite fees
- Employee Declaration :- After Provident fund Registration is received, A declaration from each employee need to be taken in Form no 2 for recording Nominee and delaration of thier eligibility to participate in profession tax.
- Allotment of Universal Account Number
- Preparation of Statutory registers required to be kept under Provident fund Act
- Deduction of PF contribution @ 12%,Payment of Provident fund and ESIC and Filing of Monthly return through PF unified portal
- PF withdrawal and Transfer procedures
What is Provident fund Compliannces? What is due date to make PF payment and filing PF return?
PF and ESIC is regulated by Employee Provident funds and Miscellneus Acts Act 1952. The Fund is regulated by Employee Provident funds Organisation in short called EPFO. The Regulations warrants to take mandatory Registraion if your employee count is more than 20. However a Voluntary registrations can also be sought by employer. It has following compliances
- Payment of PF contribution:- Each PF registered Employer need to pay the employee contribution along with his own contribution before 15th of next month. For example for the month of April the payment should be made before 15 june.
- Filing of return :- After payment of PF contribution to EPFO Ac a return need to be filed stating the contribution employeewise before 25th of Next month. So by 25 June return should be filed
What we do ?
AKT Associates provides end to end PF registration, Compliance, online PF return filing and representation with EPFO authorities. You can trust us to get you PF registration certificate within 7-10 days and also to file PF and ESIC return online time to time without fail.
Why AKT Associates?
Expertise - That Counts
We are handling more than 1500+ successful clients and providing them with services which covers Legal, Technical, Taxation and other business compliance part. That all says a lot on our ways of working and our expertise in the area.
Experience - That Matters
At AKT associates we have been our client’s obvious choice since more than 20 years. For serving you with the best results we use our experience of decades which has exposed us with deep understand.
Efficiency - That reflects in everything
With a strong team which comprises of experts with qualification like CA, CS, MBA & LLB and they will all available with the wholesome result, with dedicated customer service team and support staff. We are always there to execute your work efficiently.
Cost - That saves a Lot
We touch the top position not just because we are the best in what we do but also because we know the value of your time and money. We know the value of your time so all the work by AKT Associates is performed on time and at around 70% less cost in comparison to all the other leading firms of the market that too without compromising on the quality aspect.
Conveniences - That says a Lot
The services of the firm are performed and delivered by using the cutting edge technology which makes the AKT Associates always available & deliver services right in your email. So it doesn’t matter where you are because we are always at your finger tips.
