Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Every person who is enrolled for PF must submit the return statement by the employer on monthly basis. both the employee and the employer contributes equal amount, which is 12% of the salary of the employee. However, the employee contributions may differ. Employees can contribute more than 12% of their salary voluntarily. However, in such a case, the employer is not bound to match the extra contribution of the employee.
Employer need to generate UAN number for every Employee.
Required documents to generated UAN :
- PAN & Aadhar Card
- Email I’d Phone Number
- Bank Account details
- Date of Joining
- Marital Status
- Email id & contact number of Nominee
Form 2 is filed for the purpose of declaration and nomination under the flagship schemes of Employees Provident Fund and Employees Family Pension.
Form 12A is a report that includes the details of the payments contributed to the account of the respective employee in a particular month.Form 3A Known as a member’s annual contribution card.
Form 3A depicts the month-wise contributions made by the subscriber/member and employer towards E.P.F and Pension Fund in a particular year.
Form 6A is a consolidated annual contribution statement that contains details about the annual contributions of each member of the establishment.
Due date of EPF installment and return is fifteenth of every month. Both return documenting and installment can be done all together.
Penalty of late filing
For EPF: The individual who neglects to finish the installment inside the given cutoff time will be answerable for paying 12% per year interest for every day he has deferred.
Employees State Insurance or ESI Return is required to be file on or before 15th of following month. Employee’s State Insurance(ESI) is a self-financing social security and health insurance scheme for Indian workers for all employees earning Rs. 21,000 or less per month as wages, the employer must contribute 3.25% and employee must contribute 0.75% towards ESI. An employer must file Form 1, which is available in PDF format on the ESIC website.
Employer need to generate UAN number for every Employee.
Required documents to generated UAN :
- PAN & Aadhar Card
- Email I’d Phone Number
- Bank Account details
- Date of Joining
- Marital Status
- Email id & contact number of Nominee
The employee's contribution rate is 0.75% of the wages and employer's is 3.25% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage upto Rs.137/- are exempted from payment of contribution. Employers will however contribute their own share in respect of these employees.
The due date for ESI installment and return are the fifteenth of the next month, which can likewise exceed or change as per the department rules.
Penalty for late filing returns :
- For ESI: Every employee will clear all the installments inside the given cutoff time; otherwise, a simple interest rate will be applicable. The ESI payment interest is 12% for every day of deferral in installment.