PF Registration
What should one know about PF registration?
An investment fund called a provident fund is one that is willingly created by the employer and employees to act as long-term savings for an employee’s retirement.
What documents are required for PF registration?
- First bill of sale.
- Initial purchase invoice for equipment and raw materials.
- GST Certificate of Registration, in the event of GST registration.
- The bank’s address and the bankers’ names.
- A monthly summary of the workforce’s strengths.
- Register of wages and salaries, all vouchers, and balance sheets from the start of the provisional coverage period to the present.
- The employee’s birthdate, father’s name, and date of employment.
- Pay and Pension Statement.
- Checks are cancelled in crosswise fashion.
Conclusion
Registration with PF is required for any establishment that employs 20 or more people. Certain businesses with fewer than 20 workers would also need to register with the PF. Every employee is entitled to PF benefits as soon as they start working, and it is the employer’s responsibility to deduct and pay PF. The employee and employer should split the 12% PF contribution rate evenly. 10% of the establishment’s revenue is deducted from payroll if there are fewer than 20 employees.
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