To the known facts – PF registration stands for “provident fund registration” and is another name for pension fund registration. Implemented by the EPFO (Employees Provident Fund Organization) and is applicable for all the organizations which employ 20 or more persons.

Subsequently, it is to provide employees with the lump-sum payments at the time of exit from their organization. But it (EPF) somehow differs from the pension fund registration by not holding the monthly pension payments.

In accordance with EPF (Employees Provident Funds) and miscellaneous provisions act, 1952 – by employers & for the welfare of the employees, it is mandatory to register for EPF.

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The first thing needs to be understood by one, What is EPF/PF/ESI?

Quite Easy! ”EPF/PF in complete stands for Employees Provident Funds.”

Whereon it (Employees Provident Fund) is a scheme or savings tool for the manpower. Somewhat, regulated under the EPFO (Employees’ Provident Fund Organisation).

Now, you might be glancing at EPFO – In terms of clientele & the volume of financial transactions, employees’ provident fund organization is one of the world’s largest social security organization.

Fast forward – the EPF/PF & its registration is what introduced and controlled by the employees’ provident funds & miscellaneous provisions act, 1952.

In accordance with the act & eligibility criteria of PF registration, EPF is applicable for all those organizations which employ 20 or more persons and even can also be obtained voluntarily by the organizations having less than 20 employees. These 20 employees list includes – housekeeping, daily wage worker, security or other contractual workers.

Next, both the employer & employee of any organization equally have to contribute 12% of their basic salary (Dearness Allowance + Wages + Retaining Allowance) to the PF (Provident Fund) account. However, the PF deduction rate will be 10% if the organization has employed less than 20 employees.

On the other hand, ESI which itself stands for “Employees’ State Insurance” is self-financing social security and health insurance scheme.

The very scheme is maintained by the ESIC (Employees’ State Insurance Corporation), which by own in accordance with ESI act 1948 – maintains the entire funds. It is no secret that the ESI scheme applies to each & every individual who is engaged with a non-seasonal organization, wherein ten (10) or more persons are engaged together.

However, as per the EPF guidelines effect from 1st Jan 2017, any of the employee earning Rs 21,000 per month or less, comes under the ESI (Employees’ State Insurance) scheme coverage.

So, those who are eligible, register before the very month of hiring employees. As off – any delay may result in a penalty.

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