PF & ESI

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    What Is a Provident Fund?

    The Employees Provident Fund (EPF) is a Government scheme governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The said scheme is regulated under the authority of the Employees’ Provident Fund Organization (EPFO). A Provident Fund registration is applicable for all such establishments that employs 20 or more people for hire on salary or wages. It is an important aspect of the Labour Laws and protects the employees to provide them a reserve of funds once they retire or leave their establishment. PF registration can also be signed up for by establishments that have less than 20 employees voluntarily.

    01

    Provident fund is a social security system that was brought about to encourage savings for employees to benefit them upon retirement.

    02

    Contributions to the PF are made by the employer and the employee on a monthly basis. The PF contributions can be withdrawn only by the employee upon retirement, save for a few exceptions.

    03

    All the employers that have PF registrations are responsible to file their returns monthly.

    Important Considerations Pertaining to Provident Fund:

    PF Returns

    PF returns must be filed by all organizations that have a PF registration monthly. PF returns are due on the 25th of every month. Additionally, the final PF return is due to be filed on the 25th of April for the year ended on 31st March.

    PF Payments

    The Provident Fund payment is due on the 15th of every month. The employer needs to deposit 12% or 10% of the employee’s wages in the PF account on or before the said date monthly. For most businesses, the Provident Fund rate of 12% is applicable.

    UAN

    The Employee Provident Fund has given rise to a Unified Portal to streamline and organize all the aspects of PF for the employers and employees both. Employees that have a newly allotted UAN are able to use the Unified Portal for several services.

    Due dates for Filing Provident Fund Returns

    • Monthly Challan remittance to Bank for PF: The 15th of every month
    • Monthly PF returns: The 25th of every month
    • Yearly returns: The 30th of April every year

    ESI
    What Is The Employees’ State Insurance(ESI)?

    Employee State Insurance is a self-financed social security plan and health insurance scheme for Indian workers that offers them medical and disability benefits. It is governed by the ESI Act, 1948, and is regulated by the Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment of India. The ESIC scheme is expected to handle its funds as per the rules and conditions set by the Act. An employer is required by law to pay an ESI return on a half-yearly basis, on the 11th of November for periods from April to September, and the 11th of March for October to March. Contact us to schedule regular return filings for your ESI scheme on time.

    01

    Applicability of The ESI Scheme
    The ESIC scheme is applicable to all establishments that have 10 or more employees on salary or wages. It is beneficial to all the workers who earn Rupees 15, 000 or lower each month as salaries and wages. The employer is bound to contribute 3.25 percent and the employee contributes 0.75 percent of their salary towards the ESI scheme.

    02

    The Due date for filing an ESI Return
    An employer is required by law to pay an ESI return on half-yearly basis, the due dates of which are mentioned as follows

    • ESI return filing 1: The 11th November for the period of returns from April to September.
    • ESI return filing 2: The 11th March for the period of returns from October to March.

    Streamlining Your PF & ESI Compliance

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