EMPLOYEES PROVIDENT FUND & M.P.
ACT, 1952
O B J E C T S T H E B A S I C P U R P O S E O F P R O V I D I N G P . F . I S
TO MAKE PROVISIONS FOR FUTURE OF THE INDUSTRIAL WORKER AFER HIS RETIREMENT OR FOR HIS DEPENDENTS IN CASE OF HIS EARLY DEATH. I T S E E M S T O C U L T I V A T E T H E H A B I T O F SAVING AMONG WORKMEN.
EMPLOYEES P.F. ACT
THERE ARE 3 SUB SCHEMES UNDER THIS SCHEME :EMPLOYEES PROVIDENT FUNDS EMPLOYEES DEPOSIT LINKED INSURANCE SCHEME EMPLOYEES PENSION SCHEME. APPLICABILITY :EVERY FACTORY EMPLOYING 20 OR MORE PERSONS. EVERY OTHER ESTABLISHMENT EMPLOYING 20 OR MORE PERSONS OR CLASS OF ESTABLISHMENTS WHICH THE CENTRAL GOVERNMENT MAY NOTIFY. ANY OTHER ESTABLISHMENT SO NOTIFIED BY THE CENTRAL GOVERNMENT EVEN IF EMPLOYING LESS THAN 20 PERSONS. WORKMEN ARE ELIGIBLE TO BE COVERED FROM DAY ONE. EVERY EMPLOYEE, INCLUDING THE ONE EMPLOYED THROUGH A CONTRACTOR (BUT EXCLUDING AN APPRENTICE ENGAGED UNDER APPRENTICE ACT AND CASUAL LABOURERS WHO IS IN RECEIPT OF WAGES UPTO RS. 6500 PER MONTH SHALL BE ELIGIBLE TO BECOMING A MEMBER OF THE FUND.
P.F. ACT
EMPLOYERS CONTRIBUTION :-
IN CASE OF ESTABLISHMENTS EMPLOYING
20 PERSONS OR A SICK INDUSTRIAL (BFIR) COMPANY OR SICK COMPANY OR ANY INDUSTRIAL ESTABLISHMENT IN THE JUTE, BEEDI, BRICK, COIR OR GAUR GUM INDUSTRY 10% OF THE BASIC WAGES, DEARNESS ALLOWANCE. IN CASE OF ALL OTHER ESTABLISHMENTS EMPLOYING 20 OR MORE PERSONS 12% OF THE WAGES PLUS DA.
P.F. ACT
TERM OF SCHEME THE EMPLOYEE ATTAINS THE AGE OF 58
YEARS. HE DIES THE PENSION IS VESTED IN HIM. THE EMPLOYER SHOULD SEND A CONSOLIDATED RETURN OF EMPLOYEES ENTITLED TO BECOME MEMBERS OF THE NEW SCHEME. EMPLOYEE CONTRIBUTION 10 OR 12% AS THE CASE MAY BE.
P.F. ACT
EMPLOYEES PENSION SCHEME : THE EMPLOYEES PENSION SCHEME
16.11.1995. THE NEW SCHEME ENVISAGES PROVIDING MONTHLY PENSION TO EMPLOYEES ON SUPERANNUATION. PENSION OF WIDOWS/WIDOWER GIVEN. MODE OF RECOVERY : THE AMOUNT OF CONTRIBUTION, DAMAGES, ACCUMULATIONS REQUIRED TO BE PAID BY THE EMPLOYER CAN BE RECOVERED FROM HIM THROUGH : ATTACHMENT AND SALE OF MOVABLE OR IMMOVABLE PROPERTY OF THE ESTABLIHSMENT, ARREST OF THE EMPLOYER AND DETENSION IN PRISION. ANY PERSON AGGRIEVED BY AN ORDER OF DETERMINATION MAY PREFER AN APPEAL TO THE PF APPLELLATE TRIBUNAL BY DEPOSITING 75% OF THE AMOUNT DETERMINED FOR FILING AN APPEAL.
WAS STARTED W.E.F.
P.F. ACT
EMPLOYEES DEPOSIT LINKED INSURANCE SCHEME UNDER THIS SCHME 1% OF THE AGGREGATE OF THE
BAISC WAGES PLUS DEARNESS ALLOWANCE THE CENTRAL GOVERNMENT SHALL PAY 0.5% OF THE PAY PLUS D.A. TOWARDS THE SCHEME. THE INSURANCE FUND MONEY IS USED TO PROVIDE INSURANCE COVER TO THE EMPLOYEES DYING WHILE BEING A SUBSCRIBER TO THE P.F. SCHEME. MAXIMUM OF THREE TIMES OF THE SAVING INTO THE P.F. FUND IS GIVEN IF AN EMPLOYEE DIES, SUBJECT TO THE MAXIMUM OF RS.60,000/=.
P.F. ACT
THE EMPLOYER NOT TO REDUCE WAGES FOR P.F.
CONTRIBUTION OR FOR THE INSURANCE SCHEME. ACT NOT TO APPLY TO THE FOLLOWING : NOT APPLICABLE FOR ANY ESTABLISHMENTS UNDER CO-OPERATIVE SOCIETIES ACT. 1912. TO ANY OTHER ESTABLISHMENT BELONGING TO OR UNDER THE CONTROL OF CENTRAL GOVERNEMNT OR STATE GOVERNMENT AND WHOSE EMPLOYEES ARE ENTITLED TO THE BENEFIT OF CONTRIBUTORY PROVIDEND FUND OR OLD AGE PENSION ETC.
P.F. ACT
AUTHORISING CERTAIN ESTABLISHMENTS TO
MAINTAIN PROVIDEND FUND ACCOUNTS THE CENTRAL GOVERNMENT MAY BY ORDER ALLOW EMPLOYER TO MAINTAIN A PROVIDENT FUND ACCOUNT.
