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DIR 3 KYC
The Ministry of Corporate Affairs has notified that every Director who is having DIN or before 31st March 2021 has to submit the e-form DIR 3 KYC (Know Your Customer) between 30th September 2021.
Provident Fund (PF)
The Employees Provident Fund Organization (EPFO) is a statutory body under the Ministry of Labor and Employment, Government of India. It is a savings scheme introduced under Employees’ Provident Fund and Miscellaneous Act, 1952. Every Company or Organization having 20 or above Employees has mandatory to obtain PF Registration.For EFP, both the employee and the employer contributes equal amount, which is 12% of the salary of the employee. However, the employee contributions may differ. Employees can contribute more than 12% of their salary voluntarily. However, in such a case, the employer is not bound to match the extra contribution of the employee.
Register Now
Rs. 1699/-
Eligibility
Organizations with 20 or more employees are required by law to register for the EPF scheme, while those with fewer than 20 employees can also register voluntarily. Employees drawing less than Rs 15,000 (Basic+ Dearness allowance) per month, it is mandatory to open an EPF account by the Employer. Employee, whose ‘basic pay’ is more than Rs. 15,000 per month, can also become a member of the EPF, and can register with the consent of your employer and approval from the Assistant PF Commissioner.
Contribution
The employer contribution is calculated as 12% of total of the following components - (basic wages + dearness allowance + retaining allowance). An equal contribution is paid by the employee also.
If your organisation employs less than 20 employees (along with certain other pre-requisites as per the EPFO rules), the contribution rate from both employee and the employer is limited to 10%.
Benefits of PF Registration
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As per Employee Deposit Linked Insurance Scheme if no group insurance scheme in a corporation than the organization shall contribute 0.5% on monthly basis as a premium.
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Member can withdraw from this accumulations to cater to financial exigencies in life – No need to refund unless misused.
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The family entitled to receive Provident Fund amount or to nominee appointed by a member, in case of death.
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The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer.
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You can withdraw Marriage, Education needs for self, child or any sibling from your account up to 50% contribution made.
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Member can withdraw from its EPF account for house repair, maintenance of house or repayment of house loan
Employee State Insurance Scheme (ESIC)
Employees’ State Insurance Act, 1948 (ESI Act) is a social security legislation aimed at providing benefits to employees and it is managed according to rules and regulations stipulated in the ESI Act 1948. Under this self-financing health insurance scheme, funds are primarily built out of contribution from employers and employees. ESI fund, maintained by ESIC, is applicable to employees earning Rs. 21,000 or less per month to provide the cash and medical benefits to them and their families.
Register Now
Rs. 1699/-
Eligibility
As per the ESI Act of 1948, a Company or an organization having more than 10 employees (in some states it is 20 employees) who have a maximum salary of Rs. 21,000/- has to mandatorily register with the ESIC. Also, the employees who Registered with EPFO has mandatory need to register with the ESIC.
Contribution
The employee's contribution rate is 0.75% of the wages and employer's is 3.25% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage upto Rs.137/- are exempted from payment of contribution. Employers will however contribute their own share in respect of these employees.
Benefits of ESIC Registration
Medical Benefits : Medical care is provided to an Insured person and his family members from the day he enters insurable employment. It is also provided to retired and permanently disabled insured persons and their spouses on payment of a token annual premium of Rs.120/- .
Sickness Benefits : 70 per cent of wages is payable to insured workers during the periods of certified sickness for a maximum of 91 days in a year.
Dependants Benefits : In the unfortunate event of the demise of an employee during the employment, Dependant benefit is paid at the rate of 90% of wage in the form of monthly payment to the dependants.
Maternity Benefits : Pregnant/confinement woman are entitled to maternity benefits. It is payable for upto 26 weeks, it can be extended for a month on medical advice. Employers are required to contribute their wages for 70 days in the preceding two contributions periods.
Funeral Expenses : An amount of Rs.10,000/- is payable to the dependents or to the person who performs last rites from day one of entering insurable employment.
Confinement Expenses : In the case of confinement of an insured woman or wife of an employee occurring in a place with no medical facilities under the ESI scheme, confinement expenses can be availed.
Disablement Benefits : Permanent disablement benefit is payable at the rate of 90% of wage in the form of monthly payment.