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PF and ESIC Registration

The Employee’s Provident Fund and the Employees State Insurance is one of the most famous schemes and is sought after majorly. Both schemes are very beneficial and very popular investment schemes for salaried employees. In both the schemes a particular amount is deducted from the employee’s salary to which a certain amount is added by an employer ad then this total amount is submitted to the concerned employee’s account.

The EPF was introduced by the Employee’s Provident Fund and Miscellaneous Act, of 1952.  It is regulated by the Ministry of Labor and Employment and is assisted by the Employee’s Provident Fund Organization (EPFO). In this scheme, a certain amount is deducted from the employee’s salary to use post-retirement or in an emergency situation. The percentage to be deducted is pre-defined under the Act.

The ESIC, Employee’s State Insurance Corporation is an autonomous institution created by law and is regulated under the ESI Act by the Ministry of Labour and Employment. To satisfy the health and insurance needs of an employee the ESIC was established and is funded by both the employee and the employer in a proportionate amount. Since it is a legal body the Corporation can raise loans to the employee and can take measures that such loans get discharged. They can also set up hospitals for the employees solo or in collaboration with the State Government.

Benefits of PF:

Following are a few examples of registering to a PF scheme:

1. It can be withdrawn at any time for any purpose.

2. The PF are created and maintained online and the employee can access their PF funds from anywhere.

3. The amount is exempted from income tax liability if the PF amount and interest on its maturity is withdrawn or after 5 years of completion of continuous employment.

4. In case of the death of an employee the nominee gets the PF amount and interest accumulated over the PF amount.

Benefits of ESIC:

Following are a few examples of registering to an ESIC scheme:

1. Medical benefits for employees and family members.

2. Maternity benefits for women, 26 weeks paid leave and 6 weeks leave in case of miscarriage.

3. Dependent benefits are provided to the dependent of the person insured under the scheme.
4. Enhanced and extended sickness benefits.

5. Disability benefits are provided to the person insured as long as the disability continues.

How to register for PF and ESIC?

The registration of PF and ESIC is a quirky process and can be confusing as it is a documented process. We at YouTax provide you with proper consultations for your PF requirements. We will make sure that your PF and ESIC registration is done as soon as possible and in a hassle-free manner. We make sure that your application is prepared accurately by us. The documentation process is done by us and after cross-checking and verifying the documents provided by you, our financial consultants fill out the application form for you. After these tedious processes, we make sure that you get your license approved. 

The whole process is completely documentation based and therefore financial consultation is a must while making registration for EPF and ESIC schemes. Our reliable consultants make sure that you’re PF and ESIC registration gets done in no time. All you have to do is contact us on our mobile number +(91) 8421447373 or just visit our website youtax.in