The provident fund being a social security scheme promotes forced saving among those employees whose salary is less than 15,000 per month. All establishments whichemploys 20 or more employeesis under obligation to extend the coverage of PF Scheme to its employees. The coverage under provident fund is mandatory only when the number of employees crosses 20 in number at any point of time. Once coverage starts then it continues even if the number ofemployee reduces from the statutory threshold limit of twenty. Employees covered under the PF scheme enjoy social security in the form of an attachable and un-withdrawable (except in severely restricted circumstances like buyinghouse, marriage, education etc.) interest bearing investment with the government guarantee. The accumulated sum along with interest is payable normally on retirement or death. Thereare two type of registration with the employee provident fund organisation.
Once Provident Fund Number (PF Code) is allotted, the same is intimated to the applicant through email, no physical certificate is issued these days. Afterthat the establishment must create a login id and password by authenticating the code with one time password using the mobile number. The monthly payment and returns of the PFis filed in electronic format before 15th of next month. Once the establishment is registered the enforcement officer of the provident fund may visit the registered premises for inspection and verification of information and documents provided at the time of seeking registration. The establishments are advised to keep and maintain necessary labour records always ready for inspection by the authorities.
The registration with provident fund office is based on information furnished by the applicant, onlyfew documents like pan card, address proof, cancelled cheque and specimen signature of authorised signatories are required to be furnished in electronically attested format. The information must be provided accurately and after verifying with the concerned document or database of the company. The establishment must maintain following labour records for verification by the enforcement officer of the PF