EPF and ESIC are the two most sought after laws in our country. While EPFO is controlled by the government, employer, and employee; ESIC is managed by the ministry of labor and employment, Government of India.
In EPF; a certain amount of employee’s income will be deducted along with that a certain amount will be added by the employer to an account that they can use for emergency or post-retirement. The percentage of money deduction from the employee’s account and the employer’s account has been decided by the government under the EPF act.
ESIC scheme is regulated based on the ESIC act 1948. ESIC is a scheme that is created for the insurance and health of the employees. This is also based on funding from the employees and the employer.
Eligibility Criteria To Register Under Provident Fund
The organization must have 20 employees or labors
If an organization have less than 20 employees, it can register for PF voluntarily
Each employee with a salary of less than 15,000 INR per month will be registered under the EPF scheme.
If an organization is already registered under the EPF scheme then the new employees will get an account after joining.
Documents required for EPF registration :
1.Company Establishment Details:
Copy of PAN Card
Address of the business
If the company is MSME, a copy of the MSME Registration certificate
In the case of a factory, a copy of the factory license
If the company is a start-up, a startup registration certificate will be required
2. E-contact details
Designation and date of joining the establishment
Address and contact details
Details of Contact Person:
Copy of PAN
3. Details of Primary and other owners
Copy of PAN each owner of the company
Designation along with the date of joining the establishment
Address with the contact details of each owner
4. Details of any other Goverenment issued certificate
. E.g., Shops and Establishment registration, GST Registration, or any other certificate which is has the approval of a government authority.
5. Details of employees which are covered under the EPF Act
6. Details of All the Branches and divisions of The Company
7.Address Proof :
Copy of the Bank passbook or statement
A Copy of postpaid telephone bills in the name of the establishment
Any license or certificate issued by government Authority
A Copy of the electricity connection with the name of the company
A Copy of the water connection registered with the name of the company
8. If a company wants to go for voluntary coverage with a copy of the agreement between employer and employee will be required.
Eligibility Criteria For ESIC:
Every organization is listed under the Factories Act along with the Shops and Establishment Act.
Each factory with the establishment of 10 or more employees are required to register themselves as per the ESIC scheme
Employees with wages of less than 21,000 INR per month will be covered in the scheme.
Document required for ESIC Scheme Registration:
1. Details of Establishment:
Copy of PAN
Detailed postal address of the factory or establishment and the address proof
Information of nearest police station
Nature of the ownership of the premises, whether it is owned or rented
2. Details of all the bank accounts
3. Nature of the business
4. Registration details
Along with the certificate obtained either under the Shops and Establishment Act or Factories Act.
5. Date of commencement of The Organisation
6. Constitution of business
7. Name, age, Designation, along with father’s name and address proof of every director or owner of the organization
8. Details of the number of employees
- Date when the number of organization’s employees reached 10 or 20
- Number of employees which are covered under ESIC scheme
- Bifurcation of employees in Male, female, transgender
- Bifurcation of employees with monthly wages of less than INR 21000 in female, male, and transgender
9. Employees Details
- Date of Joining
- Father’s name
- Marital Status
- Date of Birth
- Family Details
- Copy of PAN And aadhar card
- Nominee details
- A canceled cheque of the Bank Account of the Company
- Permanent Address
- Email id and mobile number
- Details of bank account
- Present Address