When one begins employment, they are expected to contribute on a regularly basis typically monthly to their pf fund. Employees provident funds and miscellaneous provisions. The employees provident fund and miscellaneous provisions. Employee provident fund act 1952 the act defines it as a fund created by the act. Objectiveobjective the employees provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. The purpose of a provident fund is to provide financial security and stability to elderly people on retirement. These are the important facts of the employee provident fund and miscellaneous provisions act,1952. The employees provident funds and miscellaneous provisions act, 1952 epf act is a welfare legislation enacted to provide social security to the employees in the form of retirement or old age. An act to provide for the institution of provident funds 23 pension fund and depositlinked insurance fund for employees in factories and other establishments. The employees provident funds and miscellaneous provisions act, 1952 introduction.
Employees provident funds and miscellaneous provisions act. The government in 1952 framed this act for the benefit and welfare of the employees. Employees provident funds act, 1952 as per preamble to the act, the epf act is enacted to provide for the institution of provident funds, pension fund and deposit lined insurance fund for employees in factories and other establishments. Section 8a recovery of moneys by employers and contractors. An act to provide for the institution of provident funds, pension fund and depositlinked insurance fund for employees in factories and other.
Power to apply act to an establishment which has a common provident fund with another establishment. It is a scheme managed under the employees provident funds and miscellaneous provisions act, 1952, by the employees provident fund organization epfo. Today well be explaining everything you need to know about the epf actemployee provident fund, 1952 and its amendments. Some of the topics we will be covering in this post are. This act is applicable to employees drawing pay not more than rs. Every employee of the establishment earning salary or wages upto rs. The employees provident fund organisation abbreviated to epfo, is an organization tasked to assist the central board of trustees, employees provident fund a statutory body formed by the employees provident fund and miscellaneous provisions act, 1952 and is under the administrative control of the ministry of labour and employment, government of india. Contents chapter i preliminary chapter ii board of. An act to provide for the institution of provident funds pension fund and depositlinked insurance fund for employees in factories and other establishments. Provident fund scheme was started by few concerns even before the enactment of the act. Employees provident fund appellate tribunal procedure rules, 1997 employees provident funds and miscellaneous provisions act, 1952 employees provident funds scheme, 1952 employees state insurance act,1948 with latest amenments employees state insurance amendment act, 2010 employees state insurance central rules, 1950.
Inexercise of the powers conferred by section 14b of the employees providentfund and miscellaneous provisions act, 1952 19 of 1952, and in supersessionof notification no. Conclusion thus employee provident fund grants the employee to have a regular income through a pension. Employees provident funds scheme, 1952 complete act bare act. The employees provident funds and miscellaneous provisions act, 1952 1act no. Employee entitled and required to join provident fund. Section 8b issue of certificate to the recovery officer. Employees provident fund and miscellaneous provisions act,1952. Section 8 mode of recovery of moneys due from employers. The central government has amended the ceiling for contributions under the employees provident fund and miscellaneous provisions act, 1952 epf act and the employees provident fund and miscellaneous provisions scheme, 1952 epf scheme from inr 6,500 to inr 15,000, with effect from 1 september 2014. The employees provident funds scheme, 1952 contents. The employees provident fund organisation epfo has, by its circular dated 28 august 2014. As on 31st december, 1981 it covered 166 industries, employing more than 20 persons all over india. Employees provident funds scheme, 1952 latest laws.
Employees provident funds and miscellaneous provisions act, 1952. The employees provident funds and miscellaneous provisions act, 1952 1schedule iv see section 6c 6 matters to be provided for in the employees depositlinked insurance scheme 1. Provident fund is a welfare scheme for the benefits of the employees. This scheme may be called the employees provident funds scheme, 1952. Section 14 of epf act 1952 penaltiesemployees provident. Full text containing the act, employees provident funds and miscellaneous provisions act, 1952, with all the sections, schedules, short title, enactment date, and footnotes. This act does not apply to establishments registered under the cooperative societies act, 1912. Draft employees provident funds and miscellaneous provisions. The story of the employee provident fund and miscellaneous provisions act began in 1952. The employees provident funds and miscellaneous provisions act, 1952 is an act to provide for the institution of provident funds, pension funds and deposit linked insurance fund for employees in factories and other establishments. The government is authorized to create a employees provident fund scheme under the act. An act to provide for the institution of provident funds, pension fund and depositlinked insurance fund for employees in factories and other establishments.
Full text containing the act, employees provident funds and miscellaneous provisions act, 1952, with all the sections, schedules, short title, enactment date, and. Employees provident funds and miscellaneous provident act, 1952. Applicability of employee provident fund for international. Albhabetical list of notified industries and activities 2. Epf act employee provident fund act explained with.
Salient features of the employees provident funds and miscellaneous provisions act, 1952 e which establishments are coverd under the employees provident funds and miscellaneous provisions act, 1952 the act applies to. Rules regulations notifications orders circulars statutory ordinance statutes. Employees provident funds miscellaneous provisions act, 1952. Employees provident fund and miscellaneous provisions act. In exercise of the powers conferred by section 5 of the employees provident funds act, 1952 19 of 1952, the central government hereby frames the following employees provident funds scheme, 1952, namely. The act extends to the whole of india except the state of jammu and kashmir. Employees need not contribute anything towards these charges. The employees provident funds and miscellaneous provisions act, 1952 for ca intermediate ipc. Section 6 in the employees provident funds and miscellaneous provisions act, 1952. The employees provident funds and miscellaneous provisions act is a social security legislation to. Earlier schedule iii was inserted by act 16 of 1971, sec. Employees provident funds scheme 1952 complete act. An act to provide for the institution of provident funds 2,3pension fund and depositlinked insurance fund for employees in factories and other establishments.
Employees provident fund and miscellaneous provisions act, 1952 at, a website for indian laws and bareacts, legal advice and law documents in india. Provision of employees provident funds and miscellaneous. Employees provident fund and miscellaneous provisions act, 1952 act no. Employee provident fund and miscellaneous provisions act. This fund is administered by central board which is administered by board of trustees. Employees provident funds scheme 1 the central government may, by notification in the official gazette, frame a scheme to be called the employees provident funds scheme for the establishment of provident funds under this act for employees or for any class of employees and specify the establishments or class of. State whether the following statement is true or false and give reason therefor with reference to the employees provident funds and miscellaneous provisions act, 1952. The industrial tribunal constituted by the central government under subsection 1 of section 7a of the industrial disputes act, 1947 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the tribunal for the purposes of this act and the said tribunal. The employees provident fund epf is a savings tool for the workforce. An act to provide for the institution of provident funds 2 3pension. March, 1952 an act to provide for the institution of provident funds, 1pension fund and deposit linked insurance fund for employees in factories and other establishment be it enacted by. The employees provident funds and miscellaneous provisions act, 1952.
Contributions and matters which may be provided for in schemes. Contributions and matters which may be provided for in schemes is defined under section 6 of employees provident funds miscellaneous provisions act, 1952. Presently, the following three schemes are in operation under the act. Employees provident fund act 1952 linkedin slideshare. Any factory or establishment engaging 20 or more employees, whether directly or through contractors is liable to be covered under this act.
Epf and miscellaneous provisions act, 1952 bankexamstoday. Taxmanns employees provident funds and miscellaneous provisions act 1952 incorporated provident fund scheme, pension scheme, provident fund organisation recruitment rules and provident funds appellate tribunal rules. Section 6 of employees provident funds miscellaneous provisions act, 1952. Section 6 of epf act 1952 contributions and matters which.
586 118 27 1499 949 329 826 1170 789 237 873 54 585 632 355 778 446 1322 355 898 777 1239 1466 1180 780 760 101 448 92 649 899 1000 216 1260