EPF Form 5 has high importance for companies that are registered under the Employees Provident Fund (EPF) Scheme. Form 5 offers details on the new employees who are eligible to join the Provident Fund Scheme in one particular month.
What is Form 5?
EPF Form 5 is an integral component for companies registered under the Employees Provident Fund Scheme. It is basically a monthly report offering insight about new employees in a particular organisation. The availability of better job opportunities creates scope for new and fresher minds to join work and form 5 is designed to know them. All new employees are expected to join the EPFO Scheme which is in place in their organisation and form 5 is a report offering details of all new employees who join the Provident Fund Scheme in a particular month. This monthly report helps organisations keep track of new employees and their provident fund obligations towards said employees.
Form 5 is mentioned in para 36(2) (a) of the Employees’ Provident Funds Scheme of 1952.
Components of Form 5
The basic elements of Form 5 are mentioned below.
- Name of organisation/company
- Address of organisation
- Code Number of organisation
- Account number of employee
- Name of employee
- Father’s/Husband’s name
- Date of birth of employee
- Date of joining
- Term/period of previous service/work (as on joining date)
The form should be signed and stamped by the employer along with the date of filing said form.
Importance of Form 5
EPF Form 5 is extremely important for new joinees who haven’t had previous experience with the employees’ provident fund. It is through this form that such new members can avail the benefits offered under the provisions of EPF, without which their social welfare and security would be incomplete. It also helps employers keep track of new employees and ensure that everyone is covered under EPF rules.
EPF Form 5 needs to be updated every month, with all new joinees expected to fill up the relevant data. This form should be submitted to the Commissioner’s office before the 25th of the next month. For example, Mr. Rao, the boss of Integral Communications hires a new employee in the month of October. He is expected to furnish Form 5 to the authorities before 25th November, as per the provisions of the Act.