The Employees' Provident Fund is a savings scheme initiated under Employees' Provident Fund and Miscellaneous Act, 1952. The EPF scheme basically promotes the idea of savings in people and giving them assistance post retirement. It is one of the largest saving schemes available to Indian employees.
It's a part of amount deducted from the employee's salary on monthly basis and contributing to the EPF. In the end, the total amount received with some amount of interest is totally tax-free. Chartered Munshi offers you an easy process of registering PF.
ESI stands for Employees State Insurance. It is a health insurance scheme provided for those who earn a monthly income of INR 21000 or less per month as wages.
It's managed by Employees State Insurance Corporation (ESIC) in which they are provided with the full medical care benefits to the insured person and his family. Medical care is also given to the retired and disabled insured persons.
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The Provident Fund for Workers is a social security program that help employees to save a small portion of their salaries for future benefits.
Each organization has an EPF or Employees Provident Fund to sell to its employees that is comparable to a retirement fund. EPF is subject to the Provident Funds and Miscellaneous Provisions Act of 1952 of the Employees. Registration of the EPF is mandatory for companies with more than 20 workers.
Rent Agreement/ Telephone Bill/ Water Bill/ Electricity Bill
In the case of voluntary registration
Employee State Insurance or ESI is a scheme initiated by the Indian government to provide workers with medical, monetary and other benefits. ESI is tended by an autonomous authority – Employee State Insurance Corporation – under the Ministry of Labour and Employment's jurisdiction. By law, ESI is required for any company that has more than 10 employees. The number of employees in some states is 20.
Certificate of commencement of production/ Registration No. of CST/ST/GST
The Provident Fund or EPF of employees is a collection of funds regularly contributed on a monthly basis by the employer and his employee. Employer and employee contribute 12% of the salary of each employee (basic + dearness allowance) to the EPF.
Universal Account Number is a 12-digit number that each employer has to contribute to EPF. It is being allocated by the Employee Provident Fund Organization (EPFO). An employee's UAN remains the same throughout his life regardless of how many jobs he/she changes.
By sending an SMS to 7738299899, you can obtain details of your latest contribution and the PF balance if your UAN is registered with EPFO. You must send this message: EPFOHO UAN ENG. ENG is the preferred language's first three characters.
For EPFO as well as account holders, the UAN has enabled smooth functioning and easy tracking of the PF. It helps the EPFO track job changes for each employee. The employee can link a new PF account to the UAN number on a job change.
Under the current rule, employees who resign from work before they turn 58 may withdraw the full PF balance (and the EPS amount depending on the years of service) if they are out of work for 60 days (two months) or more after leaving work and then withdraw.