Abi Accounts

Abi Accounts includes EPF, ESI, PT, LWF, gratuity, and bonus that act as a bridge between Management and Services. Abi Accounts provides ESI registration with a solid team of experts. ESI is Employee State Insurance. This has the maintenance by ESIC (Employee State Insurance Corporation). It is an autonomous body. This scheme offers protection to employees, against death/disablement due to employee injury, maternity, or sickness. Employees must have a subscription to the scheme to get medical care and other benefits. This assistance is offered when the employee is unable to deliver his/her duties due to sickness, injury, or maternity.

Eligibility

This is a self-financing scheme, where both employers and employees make monthly contributions at a certain percentage of their wages to the scheme. ESI registration applies to any entity that employs 10 or more people. The minimum number of employees required to subscribe to the scheme differs for every Indian state.

Documents required for ESI Registration:

For ESI registration following documents are needed.
1. Certificate of Incorporation
2. Partnership deed in case of Partnership firm
3. PAN, GST certificate of the company.
4. MOA, AOA of the company.
5. Address proof of the company.
6. Utility bills like electricity bills, telephone bills and gas connection bills.
7. Rental agreement if the office is on rent.
8. List of Employees, Directors and Shareholders.

EPF

EPF is Employees Provident Fund Organization. It is a legal body. It is established by The Indian Government. EPF registration is necessary as EPF is the county’s largest social security organization. Encouraging people to save for retirement among others is the principal goal of this organization.

Documents for EPF registration

For EPF registration following documents are necessary.
1. If the establishment is MSME, MSME registration details are needed.
2. If the establishment is a factory, the factory license number, Date of the license, and place of issue of the factory are necessary.
3. If the establishment is a start-up, the start-up registration certificate is necessary.
4. PAN, Proof of name of the establishment, incorporation date, type of establishment.

Eligibility for EPF

Any company with more than 20 employees can have EPF registration. All employees drawing salary are eligible for EPF. Even if the employees are less than 20, they can voluntarily register in EPF.

EPF registration

Employees Provident Fund is a scheme for Indian employees. It is governed by the Provident Funds and Miscellaneous Act 1952. All institutions that have employed 20 or more 20 employees can apply for EPF registration.
In rare cases, some establishments that have less than 20 employees are also eligible for EPF registration. The employer has to contribute 12% which includes (Basic salary + Dearness Allowance + Retaining Allowance). An equal amount of contribution must be made by the employee for EPF that has EPF registration.
If the establishment has less than 20 employees, then the rate of contributions from both employer and employees must be 10% for EPF registration as per EPFO rules. When supporting documents are given, EPF registration can be done.
UAN is Universal Account Number. It is a 12-digit unique number issued to every employee who is contributing to EPF (Employee Provident Fund). Any company that has 20 or more employees can generate UAN. UAN registration is done when the documents are submitted.
The UAN assist in centralizing employee data in the country. UAN is necessary to track various job switches of the employees. Only when UAN registration is done, then this account made possible for EPFO to extract the bank and KYC information of the member. The burden of employee verification from companies and employers. Hence UAN registration is necessary.