I am running a small software services company with about 15 people. Soon we would be growing over 20 employees and we need go for EPF registration.
I am thinking of following options.
Option 1 : Go now for EPF registration as `voluntary contribution (as everyone in my company is ready to contribute). Then add new people as and when they join.
Option 2 : Wait until employee strength becomes 20 and then go for EPF registration
Experts, please give your valuable guidance about which option to choose, and also let me know if I choose option 1 , then we grow more than 20 people at a later date, what do I need to do.
Appreciate your help.
From India, Mumbai
2I am thinking of following options.
Option 1 : Go now for EPF registration as `voluntary contribution (as everyone in my company is ready to contribute). Then add new people as and when they join.
Option 2 : Wait until employee strength becomes 20 and then go for EPF registration
Experts, please give your valuable guidance about which option to choose, and also let me know if I choose option 1 , then we grow more than 20 people at a later date, what do I need to do.
Appreciate your help.
From India, Mumbai
Hi,
1. option 2 is better, why do you want to increase your cost by opting the option one?
2. once you get the PF code, voluntarily or statuary the PF rules are same for both conditions. All the penal provisions are same for non compliance after obtaining the code.
Thanks & Regards
Sanjeev Kumar Baliyan
Advocate & Consultant
Email:
Mobile: 9971589511
Clairvoyants
From India, Pune
1. option 2 is better, why do you want to increase your cost by opting the option one?
2. once you get the PF code, voluntarily or statuary the PF rules are same for both conditions. All the penal provisions are same for non compliance after obtaining the code.
Thanks & Regards
Sanjeev Kumar Baliyan
Advocate & Consultant
Email:
Mobile: 9971589511
Clairvoyants
From India, Pune
Hi Sanjeev JI,
Thank you for your response. I am preferring option 1 despite additional cost, because, if I add 5 to 10 people in in a short period, I am afraid that I may be non compliant for some period and attract penalties.
So, wanted to be safe from that point.
Thank you
Srinivas
From India, Mumbai
Thank you for your response. I am preferring option 1 despite additional cost, because, if I add 5 to 10 people in in a short period, I am afraid that I may be non compliant for some period and attract penalties.
So, wanted to be safe from that point.
Thank you
Srinivas
From India, Mumbai
Dear Mr. Srinivas,
You and your employees are willing for coverage under EPF. At present you have employment strength of 15 and likely to increase it beyond 20 employees due to expansion plans. In this circumstances, I feel it is better to opt for Coverage. Once you are covered, there is no difference in compliance under the Act.
From India, Bangalore
You and your employees are willing for coverage under EPF. At present you have employment strength of 15 and likely to increase it beyond 20 employees due to expansion plans. In this circumstances, I feel it is better to opt for Coverage. Once you are covered, there is no difference in compliance under the Act.
From India, Bangalore
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Registration for EPF-Procedures & documents.docx
EPF registration Procedure.pdf