Hi All,
My company wants me to handle the PF Department for their employees, but I have never done this before and need help from all you experienced professionals on what all I need to do to manage the PF Department for a company. Kindly advise.
Regards,
From India, Bangalore
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My company wants me to handle the PF Department for their employees, but I have never done this before and need help from all you experienced professionals on what all I need to do to manage the PF Department for a company. Kindly advise.
Regards,
From India, Bangalore
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You will not be harassed by the PF officials as before because currently, everything is online. No paperwork is required. Be firm in facing any department officials. Go through the EPFO website; it has all the information required for a new member/employer. Some of the basics you have to follow:
1. Once your company is registered with PF stating that you have an employee strength of more than 20, you can't withdraw it back, even if your strength decreases in the future.
2. Your employees' gross pay should be more than the minimum wages prescribed by your state government. You should contribute to PF for all employees who are earning less than ₹15,000.
3. You have to deduct 12% of the basic pay from your employees, which will go to PF, and you have to contribute 12%, of which a maximum will go to the Pension scheme (EPS). The remaining minimal percentage will go towards EDLI and administrative charges.
4. You have to pay the amount within 15 days from the date of filing the returns on the online portal. ECR will expire otherwise. You have to file it again, take the challan copy, and pay it in the bank or online.
5. If the payment is not made by the 15th of every month, you will receive a notice after the completion of the financial year demanding interest. You can pay it separately.
6. You have to make sure that your contract employees/housekeeping laborers are also covered under EPF. Check their ECR copy. Most contractors just show the paid challan and escape, but you should cross-verify the ECR copy randomly. This is where EPF officials will raise their voice.
7. Uploading returns, saving Excel files in CSV format, etc., need to be learned practically. That cannot be taught theoretically. A demo is available on the EPFO website.
Feel free to ask if you have any more queries.
Thanks,
From India, Chennai
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1531. Once your company is registered with PF stating that you have an employee strength of more than 20, you can't withdraw it back, even if your strength decreases in the future.
2. Your employees' gross pay should be more than the minimum wages prescribed by your state government. You should contribute to PF for all employees who are earning less than ₹15,000.
3. You have to deduct 12% of the basic pay from your employees, which will go to PF, and you have to contribute 12%, of which a maximum will go to the Pension scheme (EPS). The remaining minimal percentage will go towards EDLI and administrative charges.
4. You have to pay the amount within 15 days from the date of filing the returns on the online portal. ECR will expire otherwise. You have to file it again, take the challan copy, and pay it in the bank or online.
5. If the payment is not made by the 15th of every month, you will receive a notice after the completion of the financial year demanding interest. You can pay it separately.
6. You have to make sure that your contract employees/housekeeping laborers are also covered under EPF. Check their ECR copy. Most contractors just show the paid challan and escape, but you should cross-verify the ECR copy randomly. This is where EPF officials will raise their voice.
7. Uploading returns, saving Excel files in CSV format, etc., need to be learned practically. That cannot be taught theoretically. A demo is available on the EPFO website.
Feel free to ask if you have any more queries.
Thanks,
From India, Chennai
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Stephen has given you a lot of information in your post. Instead of crying on the banks, you would be better off plunging into the water to learn about the subject. This would be an original and valuable learning experience for your future.
From India, New Delhi
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From India, New Delhi
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Ms. Priya, I suggest you to do some research on it rather than asking some one. Pls refer EPF India website. You have all the answers there. www.epfindia.com
From India, Warangal
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From India, Warangal
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You can generate a challan online by uploading the ECR details in the online employer's portal. Take 2 copies of the challan, fill out the cheque for that amount in favor of SBI EPF AC, and submit it in SBI. Collect the acknowledged challan after 3 days and file it. Alternatively, you can also pay online on the same esewa.epfoservices.in portal.
It is best to pay through a bank to avoid issues, especially since the amount could be substantial.
From India, Chennai
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It is best to pay through a bank to avoid issues, especially since the amount could be substantial.
From India, Chennai
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