Provident Fund (PF) Registration
Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits.
Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund. EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for organizations with total employee strength more than 20. Such employers can opt for online PF registration from GETMEONLINE. Companies can register for employee provident fund, in 2 easy steps:
- Connect with a dedicated affiliate for data validation
- Receipt of PF number
Removing a Director
Every private company should have a minimum of two directors whereas a public company shall have a minimum of three directors. A company can remove a director if he incurs any of the disqualifications specified under the Act, absents himself/herself from board meetings over 12 months, enters into contracts or arrangements against the provisions of section 184, disqualified by an order of a court or Tribunal, or is convicted by a court of any offense and sentenced to imprisonment for not less than six months.
The removal of a director from a company becomes also necessary if he/she has not abided by the terms and protocols mentioned in the Companies Act, 2013 or have resigned voluntarily from his position.
Professional Tax Registration
Professional tax is a tax that is imposed by the State government on all salaried individuals. Professional tax is applicable to all working professionals like chartered accountants, lawyers, and doctors. It is levied based on the individual’s employment, trade or profession. The tax rates differ across all states, however, the maximum amount that can be levied as Professional tax is Rs.2,500 per annum.
Shops and Establishments License
Governed by the Labour department of the state, the Shops and Establishments Act institutionalized the ambience and the state of the work environment and also establishes the privileges the employees are allowed by their company or the management. This is best suited for shops all across India, every benefit making foundations, lodgings, bistros, eating circles and joints, eateries, cinemas and for all public places of entertainment. It is a must for every shop and foundation to enlist oneself within 30 days of commencing under this act irrespective of the business being fully functional or not..
Employee Stock Option Plan
Companies manage and hire top talent with ESOP (Employee Stock Option Plan)!
It is an employee benefits scheme under which the company encourages the employees to acquire ownership in the form of shares at a predetermined rate. Usually, companies issue ESOP to employees to make them stay with their organization for a long time. It motivates the employees to perform better and offer their loyalty to the company.
Suppose an employee receives 400 shares. On completion of every 1 year, 100 shares will be vested. The valuation of the shares increases with the valuation of the company. This also keeps a check on the attrition rate.