I started a new company with less than 20 employees. But now last month (July) we hired 2 more guys so total strength is 21.
All of my employees have basic salary over 6500 and none of them have EPF previously.
Do I still have to register for EPF account??
Thanks
From India, Ahmadabad
All of my employees have basic salary over 6500 and none of them have EPF previously.
Do I still have to register for EPF account??
Thanks
From India, Ahmadabad
Dear Member,
EPF office doesn't say anywhere on its site that those drawing a basic of above Rs.6500/- are exempted. If that be the case the necessity for EPF law doesn't arise at all. We all can get exemption or get escaping without enrolling for a PF code. On crossing 20, it is the duty of every employer to apply for code. Even if the strength falls down to less than 20 after few months, you continue to remit PF for the existing employees. This is where many employers make a mistake and then endup paying a big penalty after few years that is 5-8 times more than the actual EPF remittance.
Also have in mind that PF office sends a copy of the PF code allotment letter to ESI. Based on this your regional ESI office will send an inspector to look into ESI coverage.
At the beginning of a company, Company Advisors usually give wrong advise inorder to save money and that becomes a headache to rectify after some years.
Regards
Chandru
From India, Madras
39EPF office doesn't say anywhere on its site that those drawing a basic of above Rs.6500/- are exempted. If that be the case the necessity for EPF law doesn't arise at all. We all can get exemption or get escaping without enrolling for a PF code. On crossing 20, it is the duty of every employer to apply for code. Even if the strength falls down to less than 20 after few months, you continue to remit PF for the existing employees. This is where many employers make a mistake and then endup paying a big penalty after few years that is 5-8 times more than the actual EPF remittance.
Also have in mind that PF office sends a copy of the PF code allotment letter to ESI. Based on this your regional ESI office will send an inspector to look into ESI coverage.
At the beginning of a company, Company Advisors usually give wrong advise inorder to save money and that becomes a headache to rectify after some years.
Regards
Chandru
From India, Madras
Since the number of employees exceed 20, you need to register withP.F irrespective whether they are eligible for P.F contribution or not. B.Saikumar Mumbai
From India, Mumbai
From India, Mumbai
Ok I will open the new account, no problem.
I am willing to hire consultant, and spoken to few. All of them are saying you need bribe to get this done quickly. I do not want to bribe anyone.
Please let me know how can I go about opening the account without any hassels and do bribe free.
Thanks
From India, Ahmadabad
I am willing to hire consultant, and spoken to few. All of them are saying you need bribe to get this done quickly. I do not want to bribe anyone.
Please let me know how can I go about opening the account without any hassels and do bribe free.
Thanks
From India, Ahmadabad
^thanks
I did that 2 weeks back. I went there to inquire about procedure. The guy noted my number and address and told me inspector will first call me in 7 days and then visit. Two weeks have gone I haven't heard from them.
From India, Ahmadabad
I did that 2 weeks back. I went there to inquire about procedure. The guy noted my number and address and told me inspector will first call me in 7 days and then visit. Two weeks have gone I haven't heard from them.
From India, Ahmadabad
Hi
As an employer payment of contributions is not exempted ,if employed 20 or more employees and whether basic is more or less than rs. 6500 or the hire numbers falls below 20 after sometime. Here , the payment of employer contributions for more than Rs.6500 pm basic is discretionery of the employer but upto Rs.6500 basic is mandatory and cover all employees under the scheme. Now, the digitisation is in completing stage in EPFO, the payment of contribtutions and submission of returns are happeing online and become more easy. EPFO may bring more awareness in process of administration and with strict vigilence. Registration is not a difficult one you need to meet commissioner in case difficulty, your establishment coverage will come into force from the date of application for registration, it will automatically released. with regard to payment of contributions, you need create record of employees and details of contributions of all employees, in serial order of employment nos, and date of joinings, you need to organise yourself filled in forms form 11 , Form 2, form 5 n 10 .
From India, Hyderabad
As an employer payment of contributions is not exempted ,if employed 20 or more employees and whether basic is more or less than rs. 6500 or the hire numbers falls below 20 after sometime. Here , the payment of employer contributions for more than Rs.6500 pm basic is discretionery of the employer but upto Rs.6500 basic is mandatory and cover all employees under the scheme. Now, the digitisation is in completing stage in EPFO, the payment of contribtutions and submission of returns are happeing online and become more easy. EPFO may bring more awareness in process of administration and with strict vigilence. Registration is not a difficult one you need to meet commissioner in case difficulty, your establishment coverage will come into force from the date of application for registration, it will automatically released. with regard to payment of contributions, you need create record of employees and details of contributions of all employees, in serial order of employment nos, and date of joinings, you need to organise yourself filled in forms form 11 , Form 2, form 5 n 10 .
From India, Hyderabad
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