PF

PF consultant consists of providing services including Payroll which by nature itself is very sensitive subject. Besides, it is near & dear to everyone. An employee (across the class, category and industry) is concern about accuracy and timely disbursement of his take home salary, where as employer is concern about payroll cost, accounting, allocation, & outflow. On top of it, compliance of statutory provisions is mandatory, as they are enacted by the Government. So PF consultant plays an important role in providing its services.

Therefore, pf consultant is always very demanding. Hence qualities such as positive attitude, honesty, sincerity and character of strength are pre requisite. 

Basic role of a pf consultant

PF consultant develops and Creates Solutions around Specific needs of Clients. PF consultant Delivers Unmatched Business Value to its Customers Through a Combination of Process Excellence, Quality Frameworks and Service Delivery Innovation.

Broadly one can divide payroll in to three components, which are generic and integral part of any payroll across the world: Our core competence includes : PF consultant Services
Payroll Processing

Know your employees

Being a pf consultant executive one has to deal with employees and success is gauged on how intimate relationship one has developed with employees. 
It is privilege of pf consultant executive to have an access to personal information of employees, which is essential for compliance of statutory provisions and generating various reports. 
However, by maintaining at most confidentiality, a competent payroll executive may know employees better than merely gathering data base of personal information of employees. 
Bottom line is we deal with people and winning their confidence will position you as their close friend. 

PF consultants include services like:
Registering an establishment/factory under the Employees’ Provident Fund Act and obtaining the Code Number 
Nomination & Declaration Forms in Form No. 2 (Revised) of the new employees.
Form No. 3-A (Monthly Contribution of the employees)
Form No. 9 (Revised)
Form No. 11(Revised)
Form No. 5A (Return of ownership)
Form No. 12-A (Monthly Return)
Form No. 5
Form No. 10
Form No. 6-A (Annual Return)
Bank Reconciliation
Monthly PF Challan
Preparation of Form 7(IF)
Assist in transfer of PF accumulation (Form 13) from one region to another
Eligibility Register Correspondence/Liaison with P.F Department.
Information with regard to any amendment/changes in the act will be informed immediately.

The Employees’ Provident Fund And MP Act, 1952

 

Purpose & Object

The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 has been enacted with the main objective of protecting the interest of the employees after their retirement and their dependents after death of the employee. The Act provides insurance to workers and their dependents against risks of old age, retirement, discharge, retrenchment or death.

EPF Applicability

  • The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 extends to whole of India except the state of Jammu & Kashmir.
  • It applies on every establishment employing 20 or more persons & engaged in industry specified in Schedule I of the Act or any other activity notified by the Central Government.
  • It applies to all departments / branches of an establishment wherever situated.
  • Any establishment employing even less than 20 persons can be covered voluntarily under section 1(4) of the Act.

EPF Eligibility

  • Employees drawing salary / wages at the time of joining up-to Rs. 6,500/- per month are governed by the provisions of the Act;
  • Employees drawing salary / wages more than Rs. 6,500/- per month may also be brought under the purview of the Act at the discretion of the management and by furnishing a joint undertaking to the Provident Fund Commissioner;
  • Employees engaged through the Contractor in or in connection with the work of an establishment are also covered under the purview of the Act.

Rate of EPF Contribution

Monthly Contribution

Employees’ Provident Fund

Employees’ Deposit Linked Insurance Scheme

Employees’ Pension Scheme

By Employer

12% of Basic Wages, Dearness Allowance, Cash Value of Food Concession & Retaining Allowance

plus

Administrative Charges

0.50% of Basic Wages, Dearness Allowance, Cash Value of Food Concession & Retaining Allowance (subject maximum wage limit of Rs. 6,500/-)

plus

Administrative Charges

8.33% (out of 12% contribution payable under EPF) subject to maximum of Rs. 541/-

By Employee

12% of Basic Wages, Dearness Allowance, Cash Value of Food Concession & Retaining Allowance

NIL

NIL

By Central Government

NIL

NIL

1.16%

 Services We Offer

 At PEOPLENET HR CONSULTING, we take care of the following compliances to Employees’ Provident Funds & Miscellaneous Provisions Act, 1952:

  • Criteria for applicability for Employees’ Provident Fund (EPF)
  • Obtaining EPF Registration / EPF Code Number;
  • Monthly reminders for EPF Payments
  • Preparing and filling monthly returns with Employee’s Provident Fund Authority 
  • Preparation & Maintenance of Statutory Registers & Records as required under EPF Act / Schemes;
  • Preparation & Maintenance of Inspection Note Book, Annual Contribution Statement, Pass Book;
  • Furnishing of particulars of change in ownership / management of the establishment;
  • Formation of EPF Trust & Compliances thereof

Support in EPF Compliances

  • Providing day to day consultancy on matters pertaining to EPF, pension scheme & insurance scheme
  • Consultancy on Identification of best suited EPF Policy;
  • Assistance in preparation of contribution cards of employees;
  • Assistance in Renewal of EPF Contribution Cards of covered employees;
  • Assistance to employees in Withdrawals from EPF
  • Assistance to employees in Transfer of EPF Accumulation; 
  • Assistance to employees of establishment in claiming widow pension, family pension , children pension under employee pension scheme;
  • Assistance employees in claiming / obtaining superannuation pension;
  • Assistance at the time of inspection / search / enquiries conducted under the Act;
  • Correspondence / Liaisoning with concerned EPF Department / Office
  • New point :Assistance for setlling the claims against the Firm and arrive at the common and reasonable solution

Legal Support

  • Replying / Satisfying Show Cause Notices issued under EPF Act;
  • Replying / Satisfying Demand Notices issued under EPF Act;
  • Appearing before the concerned authorities on behalf of the establishments in show-cause / adjudication proceedings
  • Defending Prosecution Proceedings against the Management of the establishment
  • Drafting & filing of Review Applications under the Act;
  • Drafting & filing of Appeal to Employees’ Provident Fund Appellate Tribunal.