PF ESI Consultant in Mohali

Handling PF ESI registration can be a challenging task for employers in Mohali. This is exactly where hiring PF ESI consultants come in handy. A PF ESI consultant Mohali offers specialised expertise to manage and simplify payroll compliance effectively. Check out this inclusive guide below to know all the important details.

Know the Employees’ State Insurance (ESI) Scheme

ESI is a contributory fund enabling Indian employees to take part in a self-financed, healthcare insurance fund. It has contributions from both the employee and the employer. Employees’ State Insurance Corporation is in charge of managing the scheme.

ESI is one of the most famous integrated requirement-based social insurance schemes. The scheme is known to protect employee interest in events such as sickness, maternity, temporary or permanent physical disabilities, injury during employment, and other uncertain incidents. This scheme offers both cash- and healthcare-related advantages.

What is a Provident Fund (PF)

Similar to the ESI scheme, the Employees Provident Fund (EPF) is also a Contributory fund where both the employee and employers have contributions. While the ESI scheme focuses on healthcare, the Provident Fund focuses on Post Retirement Income and advantages.

Rules related to EPF (Employee Provident Fund)

• Both employee and employer contribute 12% of the monthly salary.
• Employees can voluntarily contribute more than 12% of their salary and the employer is not bound to do the same.
• The salary comprises fewer components For PF contribution:
  1. Basic wages
  2. Dearness Allowances (DA)
  3. Conveyance allowance and
  4. Special allowance
• The employer’s monthly contribution should be a maximum of Rs 1,800 even if the employee’s salary exceeds Rs 15,000.

Procedure for PF & ESI Registration

A PF ESI consultant Mohali can help you through the following steps:

1. You tell the consultants about your company and then fill out their simple PF & ESI registration questionnaire and submit the required documents.
2. Then it comes to verifying all the given details and documents by the consultants.
3. The consultants will fill out and submit different application forms by using the information provided by you.
4. Finally, the consultants will send you the EPF & ESIC Registration license and login credentials via your mail ID.

Documents Required

Documents Regarding Directors/ Partners/Proprietors:

• Photo Copy of PAN Card
• Photo Copy of Aadhaar Card
• Mobile Number
• Email ID
• DSC of any one Director

Documents Regarding Entity/ Company:

• Photo Copy of PAN card (Not required if proprietorship firm)
• Address proof
• MOA/ AOA
• Cancelled Cheque
• Registration Certificate (GST)
• Employee Details including Salary.
• Signature Card.
• Balance Sheets of the last 3 years ( required if the company incorporated date and date of coverage in PF/ESI are not similar).

Documents/forms to be signed by employees for office records:

• EPF Form 11
• EPF Form 2
• ESIC Declaration form

Advantages of ESI

• Complete medical benefits
• It covers dependents
• Useful at different ESI dispensaries as well as hospitals
• Any payments made will be compensated
• It considers the needs of the disabled
• Offers access to Medical care in ESI Dispensaries/Hospitals

Benefits of EPF

• Tax-free earnings
• Financial security

Eligibility of PF & ESI Registration

• PF registration is a must for organizations with an employee count of more than 20. The employees with a salary less than Rs 15000/- mandatorily have to be a member of EPFO.
• Registration with ESI is a mandatory step for all businesses with more than 10 employees.

Steps for PF & ESI Registration

Step 1: PF & ESI Registration

Factories or Establishments should get themselves registered within fifteen days of the Act becoming applicable to them. They will have to submit an Employer’s Registration Form to the related Regional Office.

Step 2: OTP Verification

After the online form is complete and submitted, the applicant will get an OTP PIN on the registered email ID and mobile number. This PIN will be verified to activate the establishment login.

Step 3: Registration Certificate

Once the registration is done, the department will allot the EPF & ESIC registration certificate as well as the login credentials to the registered email ID.

Step 4: Employee Registration

Once the login credentials are received, employees must register in the EPF & ESIC portal as mentioned in the registration form to get a UAN number and Insurance number.

Step 5: Monthly Returns Filing

Establishments must file monthly returns before the 15th day of the next month.

Why should hire a PF ESI Consultant in Mohali?

ESI and PF levy on only a segment of an employee’s salary. At this point, a good PF ESI consultant Mohali successfully breaks down the salary of an employee into different parts. Thus, they make sure the least amount possible is paid saving a lot of money.

Always make sure you partner with a trusted PF ESI consultant Mohali. Only they can help your business enhance compliance efficiency, eliminate errors, avoid penalties, etc. Plus, you get complete support in concentrating on driving the success of your business.