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PF CONSULTANT

PF CONSULTANT

- What is a PF Consultant?

- A PF (Provident Fund) consultant is an expert who provides guidance on PF-related matters.


- Services Offered

1. PF registration and compliance
2. PF contribution management
3. PF withdrawal and settlement
4. PF account management
5. PF-related advisory services

- Benefits of Hiring a PF Consultant

1. Expertise in PF laws and regulations
2. Time-saving and efficient PF management
3. Compliance assurance
4. Reduced risk of penalties and fines
5. Personalized support and guidance

- Who Can Benefit?

1. Businesses (small, medium, large)
2. Employees (individuals)
3. HR and finance professionals

- Key Features

1. In-depth knowledge of PF laws
2. Experience in handling PF-related matters
3. Customized solutions
4. Timely and accurate advice
5. Professional support

- New Company Registration

Filing of necessary papers and obtaining PF registration code number for new establishment within prescribed time as per Act.
Obtaining Sub-code for branch offices.
Form 5A (Return of ownership)
Form 9 (Revised)
Submission of Specimen Signature.


- Monthly Process

Preparation of monthly Challan for EPF & deposited into bank within prescribed time as per Act.
Prepare Monthly Return
UAN Generation of New Employee - Form -5 (New Joined)
Exit Employee details - Form-10 (Resigned)
PF Eligibility Register
Guidance in P.F. Withdrawal Process (For left employees).
We undertake Transfer related Submission also.
UAN & Passbook Generation, Guidance in UAN Activation and Seeding of KYC
Maintenance of all statutory registers required by the PF authorities.
Preparation of Monthly PF Ledger.
Guidance in E-nomination filling of the new employees
Guidance in Declaration form in Form- 11(Revised)
Attend PF inspector for inspection of records, appearing before the
concerned authorities on behalf of the employer in 7-A proceedings under EPF Act
All assessment & inspection from EPF department, when required.


Applicability
  1. I.     Every establishment which is a factory engaged in any industry specified in Schedule 1 and in which 20 or more persons are employed and
  2. II.    Any other establishment employing 20 or more persons which Central Government may, by notification, specify in this behalf. (Infancy period of 3
  3.        years has been withdrawn by ordinance, w.e.f. 22-9-97)
  • III.   Any establishment employing even less than 20 persons can be covered voluntarily u/s 1(4) of the Act.
  1. IV.   Banks employing 20 or more persons, w.e.f. 10.02.2016
  2. V.    Cine worker employing 5 or more persons
  3. VI.   Society employing 50 or more persons
  • VII.  PF Act. is also applicable to the state of Jammu & Kashmir on having 10 or more persons w.e.f. 01/01/2020

Eligibility
  1. I.   Any person who is employed for work of an establishment or employed through contractor in or in connection with the work of an establishment where
  2.      basic wages upto 7 15,000/- p.m. and optionally covered where salary exceeds Rs. 15,000/-p.m. w.e.f. 01.09.2014.
  3. II.  Any person who is classifed as disabled employee under new para 82 of the Employees' Provident Fund Scheme, 1952 and working in the private
  4.      sector, with monthly wages upto ‹ 25,000/- per month provided they are appointed on or after 01.04.2008.
  • III. Any person who is classified as international worker & new paper establishment under new para 83 of the Employees' Provident Fund Scheme, 1952.
  1. IV. Any fresh member who is drawing basic wages Rs. 15001/- & above w.e.f. 1-9-2014, are not entitled for Pension membership.

 


Benefits

Employees covered enjoy a benefit of Social Security in the form of an unattachable, un withdrawable (except in severely restricted circumstances like buying house, marriage/education etc.) Financial nest egg to which employees and employers contribute equally throughout the covered persons employment. This sum is payable normally on retirement or death. Other Benefits include Employees' Pension Scheme and Employees' Deposit Linked Insurance Fund


Penal Provision

Liable to be arrested without warrant being a cognisable offence. Defaults by employer in paying contributions or inspection / administration charges attract imprisonment up to 3 years and fines employer up to # 10,000 (S.14) For any retrospective application, all dues have to be paid by with damages up to 100% of arrears.

 

 Ministry of Labour and Employment has issued Notification on 11th November, 2016 regarding   amendments under Para 72(6) of the EPF Scheme, 1952 pertaining to "Inoperative Account".

 

As per the amendments, a Provident Fund account will become "Inoperative Account" in the below cases;

  1. 1. If the employee
  2.        a. Has retired from service after attaining the age of 55 years, or
  3.        b. Has migrated abroad permanently, or
  4.        c. Dies

but no application for withdrawal under Para 69 or 70 has been preferred within a period of 36 months from the date it becomes payable.

 

  1. 2. Where an employee has resigned and has not made an application for withdrawal of accumulated balance in the Provident Fund account. Thus,
  2.      interest at specified rate will be credited to a Provident Fund account which was earlier classified as "Inoperative account", where the employee does
  3.      not withdraw or transfer past balance on termination of employment.

    4.  

    In view of the aforesaid amendments w.e.f. 11.11.2016, the employees who have left the organisation before attaining the age of 55 years, but have

  •     not made an application for transfer or withdrawal, such employees will continue to earn interest till they attain the age of 58 years.

     



    As per the said amendments, a Provident Fund account will not become "Inoperative Account" in the below cases;

     

    1.       a. In case of receipt of supplementary contribution on account of litigation or default by the establishment,
    1.       b. Aclaim has been settled and is received back undelivered not due to the fault of the member, such contributions shall not be transferred to
    2.          "Inoperative Account".

      3.  

    Online claims - w.e.f. 01.06.2019, all PF transfer claims of a member from exempted trust to un-exm. estt. are to be transferred online through EPFO Software. Hence it is Mandatory for all trusts to have E-sign / Digital Signature facility well sssbefore that date.