PF and ESI Return

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PF return is mandatory to fill monthly on or before 15th of every month, failure of which leads to Govt. penalties. Currently, employers and employees contribute 12 percent of basic wages each towards Employees Provident Fund Scheme (EPF), Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI). A provident fund is created with a purpose of providing financial security and stability to employees. A person starts his contribution to the PF fund once he joins a company as an employee. Further, the employers also contribute towards administration of the benefits under the EPF & MP Act.
 
  • Provident fund is a social security system that was introduced for encouraging savings among employees, so as to benefit them during the course of their retirement.
  • Contributions are made by the employer and the employee monthly. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions.
  • All employers having PF registration are responsible to file returns monthly.
 
Important Points relating to Provident Fund:
  • PF Return: Provident fund return must be filed by all entities having PF registration every month. PF return is due on the 15th of each month. Further, a final PF return is due on the 25th of April for the year ended on 31st March.
  • PF Payment: Provident Fund (PF) payments are due on the 15th of each month.
  • UAN: The Employee Provident Fund has launched the Unified Portal to streamline and simplify all aspects of provident fund for both employers and employees. Employees who have the newly allotted UAN can use the Unified Portal for various services.
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