Helping Your Company in the Initiation of Its Launch
The growth of a company depends on its employees. A successful company boasts about its employee and vice versa. This kind of employee- employer relation is not always possible. Hence even a small company with 5 staffs may have some kind of rifts between them. But this is a kind of collaboration that must be tried even if it is not a success. The first step in aiming such collations would be to register with the Employee’s Provident Fund. It has been made compulsory by the Government for the employees working under either Govt. or Private Companies to initiate a form of saving through the Provident funds. Hence as per the instructions from the Government, if your startup company falls under any of the categories mentioned below, it is mandatory for the organization to setup a provident fund for the employees of the company managed by the same. Any establishment consisting of more than 20 workers with the company being one of the 180 industries/ classes of businesses hold the following responsibilities in terms of employee’s PF. They are as follows;
- Registration of your company with the necessary documents under PF, India.
- Provident fundregistration(PF Registration)of the eligible staff under the scheme
- Managing the PF of the employees’ under the cloud of the concerned organization
- Responsible for the transfer of 10% of the employee’s salary to the account each month under their PF account numbers.
- Distribution of these funds that includes pension and insurance scheme amounts to these employees.
Avail Our Services for Pf Registration
These are the outlined responsibilities of the employer however the integral process lies in procuring a PAN card in the name of the Organization in case of a corporation and registering through PF organization for which it requires proof of several documents including fund for capital, electricity bills, bank accounts etc… In case of single proprietor led organization, PAN of that particular person is enough for the purpose of registration. While the registration fees are nil, the company and the Government pays a minimum amount for the insurance and pension schemes under PF each month during the payment of the salary. While many of the entrepreneurs of new startup companies may be aware of these regulations, the time involved in the process can be saved by obtaining the PF registration services from Phoenix Tax services, Chennai.