EPF and ESIC Compliances are the reporting formalities that any eligible entity should fulfil to be legally secured. There are various types of declarations, such as, employee record, contribution details, nominations and more that these entities are to submit to the regulating Department on time. Do not feel it as an extra pressure. We're one trusted agancy to provide its ideal solution. Choose our Government Approved EPF and ESIC Compliances Package and get 100% guaranteed result. Go through its details and know how it works THE BEST.
To give after-retirement/emergency financial security and health protection for the working people who depend on their salary/wages to fulfil their necessities, EPF and ESIC are the two compulsory options that should be incorporated in the commercial units having employees more than a threshold limit, who are working for them. Once such employers enrol under these schemes, they are to comply certain mandatory reporting liabilities per FY to stay legally protected. To be more clear, let us first say the primary criteria that should be fulfilled by the Employers in order to get EPF and ESIC registration and come under their annual compliances.
This scheme is applicable under the guidelines of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 as prescribed by Employees’ Provident Fund Organization (EPFO).
Mandatory registration for all the companies/organizations that is 3 years old having employee strength more than 20. Voluntary registration is accepted for the units having less number of employees.
Both employer and employee contribute in equal amount in this scheme.
In case, the employee number is more than 20, the contribution amount is 12% of Basic + DA. In case, employee number is less the contribution amount is 10% of Basic + DA.
This scheme is applicable under ESI Act, 1948, as prescribed by Employees’ State Insurance Corporation (ESIC) under Ministry of Labour and Employment.
Mandatory registration for the establishments/units/factories having 10 employees receiving INR 15,000 p.m. income within 15 days
75% of the salary contribution from the employee and 4.75% from the employer should be made under this scheme (Except those employees earning INR 100 per day)
So, any commercial unit fulfilling such conditions is eligible of EPF and ESIC annual compliances per FY as discussed in this article.
EPF and ESIC Compliances After Registration
Once a commercial unit obtains EPF/ESIC registration, the employer should complete these responsibilities and keep
the records updated through the official web portal of the respective schemes, as required:
Enrol the employees eligible in the scheme with their details:
For EPF, employer should enlist new eligible employees providing their KYC. Employee should fill Form 2
(Declaration and Nomination) under PF Scheme by 25th of the close of the month.
For ESIC, any eligible employee should be enrolled within 10 days of appointment and bear ESIC card to
avail the benefit (the same card is applicable in any other employer enlisted under ESIC Scheme)
Records to keep all necessary updates
Attendance and Wages Register of employees
Form 6 Register (Details of Employer contribution in the respective Schemes)
Inspection Books with details of inspection done and reports by the authorities
Accident Register of employees
Record of monthly Challans and Returns
The Account Books and Registers for general compliances, such as, P&L Account, Cash Book, Balance Sheet,
Complete the Monthly Payment through specific Challan
Annual PF and ESIC Compliances per FY
Eligible employer should clear the Provident Fund payment in Provident Fund Account through Challan as
opened during registration on 15th of each month.
Provide details of new joiners (Form 5) and terminated employees (Form 10). Employer should also provide
information on last month employees, new and resigned employees within 15 days
Consolidated monthly Statement (Form 12 A)
Annual Return by 30th April of every year, with consolidated annual contribution statement
(Form 3A and 6A)
Conduct PF Audit, as applicable under the guidelines of this Scheme
Eligible employer should clear the Monthly contribution in the ESIC Account through Challan as opened
during registration on 15th of each month
Provide details of new joiners and terminated employees. Employer should also provide information on
last month employees, new and resigned employees within 15 days
Bi-Annual Returns (Form 5) as,
April to September: 11th November
October to March: 11th May
Note: Submission dates are subject to change.
Immediately report about accident/Death case (Form 16), wherever applicable
Conduct ESIC Audit, as applicable under the guidelines of this Scheme
Note: Employees are to file and submit certain forms, such as, withdrawal, declaration, termination,
transfer, etc. based on specific circumstances. They should be given proper assistance from the employer/concerned
Penalties on Failing the EPF and ESIC Compliances
Penalty of 12% per year interest for each day of delay in payment of contribution
Penalty on late payment as mentioned:
Delay up to 2 months: 5% interest p.a.
Delay of 2-4 months: 10% interest p.a.
Delay of 4-6 months: 15% interest p.a.
Delay of more than 6 months: 25% interest p.a. not exceeding 100% at a time
Penalty of 12% per year interest for each day of delay in payment of contribution
Restrictions under IT Act: If the violation of non-payment of EPF/ESIC contribution comes under
the offense under Income Tax Act, the concerned unit may by disallowed from any more deposit in PF/ESI Account
and thus cannot get the deduction benefits of the corresponding schemes.
Benefits of Annual PF and ESIC Compliances for Eligible Businesses
Gathers employees’ loyalty and satisfaction
Creates reputation and good Cost to Company
Gets competitive advantage
Supports better employment
Guarantees stable company financial condition
Secures employees’ social and personal lifestyle
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