The provident fund is a major scheme by the government of India to support and assist the working class in their future needs. The government also provides higher interest rates in return to maintain the funds in the government treasury and give the individuals a higher sense of security. Here, we will be looking at some of the processes related to the Employee’s provident fund (PF) and Employees’ State Insurance Corporation (ESIC) registrations.
It is important for all companies with more than 20 employees to register with EPFO. The process of registration is online and can be done through the unified portal. For ESI registration, it is mandatory for all companies with more than 10 workers to get registered. The application forms for both EPFO and ESI can be found on the official website. The registration process is simple and can be completed within a few days with the help of your consultant.
Once the registration is complete, the company will be allotted a PF code and an ESI code number. These codes are to be used while filing the monthly returns. The provident fund contribution is to be made by both the employer and the employee at the rate of 12% of the employee’s basic salary (subject to maximum pf threshold limit of basic salary up to Rs. 15,000/- i.e. Rs. 1800/- as employee & Rs. 1800/- as employer share). The contribution made by the employer is deposited in the provident fund account of the employee and vice versa. The ESI contribution is to be made by the employer at the rate of 3.25% of the employee’s gross earning and employee needs to contribute @ 0.75% of his/her gross earning. Further ESI deduction is mandatory only for those employees whose gross salary is less than equal to Rs. 21,000/- p.m.
The provident fund can be used for various purposes such as buying a house, starting a business, children’s education, etc. The Employees’ State Insurance Corporation (ESIC) provides health insurance to the employees and their families. It also covers the cost of medical treatment in case of an accident or sickness.
Thus, provident fund and ESI registrations are important for both the employer and the employee. It is a simple process and can be completed within a few days. These registrations provide various benefits to the employees and their families.
We all face issues related to provident funds and similar concerns; this raises our need to rely on someone who is trustworthy in providing these services. We here with our organization named Labour Laws India Associates Pvt. Ltd. provide high-class of services as an ESI and PF Consultants to all businesses in Delhi NCR. Apart from just handling your issues related with EPF & ESI consultant we follow various acts which are passed by the concerned department.
Some of the Services That We Provide as Provident Fund Consultants are as Follows-
- Liaisoning with concerned authorities
- Filing of PF & ESI returns on monthly basis and maintaining records under the act.
- Dealing with EPFO & ESI audits
- Calculation of provident fund & ESI liabilities
- Advising on provident fund & ESI compliance
- Assistance with provident fund claims
- Provident fund litigation support.
Our team of highly skilled and experienced professionals offers comprehensive solutions to all your queries and problems related to the provident fund. We have in-depth knowledge of provident fund rules and regulations and can provide you with the best possible solution as per your requirement.
So, if you are looking for provident fund & ESIC consultants, then look no further than Labour Laws India Associates Pvt. Ltd. We will be more than happy to assist you.