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Swayam Siddhi College of Management and Research: Summer Internship Project Topic For Finance:-Provident Fund

The document summarizes the Employees Provident Fund and Miscellaneous Provision Act of 1952 in India. The act provides social security to industrial workers by offering retirement benefits like provident funds, pension plans, life insurance, and terminal benefits for contingencies like retirement, voluntary retirement, or incapacity to work. It applies to employees working in factories or establishments covered by the schemes, excluding certain categories. The EPF scheme requires an employee contribution of 12% of salary and an employer contribution of 3.67% plus administrative charges. Benefits to employees include provident fund on retirement, pension, and withdrawal benefits.

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78 views10 pages

Swayam Siddhi College of Management and Research: Summer Internship Project Topic For Finance:-Provident Fund

The document summarizes the Employees Provident Fund and Miscellaneous Provision Act of 1952 in India. The act provides social security to industrial workers by offering retirement benefits like provident funds, pension plans, life insurance, and terminal benefits for contingencies like retirement, voluntary retirement, or incapacity to work. It applies to employees working in factories or establishments covered by the schemes, excluding certain categories. The EPF scheme requires an employee contribution of 12% of salary and an employer contribution of 3.67% plus administrative charges. Benefits to employees include provident fund on retirement, pension, and withdrawal benefits.

Uploaded by

pranjali shinde
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Swayam Siddhi College Of Management

And Research

Summer Internship Project Topic For Finance:-


Provident Fund

Name :- Sneha jadhav


Roll No :- 19037
Objective :-

The employees provident fund and miscellaneous provision act, 1952 is


enacted to provide a kind of social security to the industrial workers.
The act mainly providers retirement or old age benefits. Such as
provident fund, superannuation pension, invalidation pension, family
pension and deposit linked insurance The act provider's for payment of
terminal benefits in various cantigencies such as RETIREMENT.
Retirement on reaching the age of superannuation voluntary retirement
and retirement due to incapacity to work .
Introduction To The Employees Provident Fund And
Miscellaneous Provision Act, 1952EMPLYOYEES PROVIDENT
FUNDS AND MISCELLANEOUS PROVISION ACT, 19521

EMPOYOYESS
PROVIDENTS FUNDS

THE EMPLOYEES
THE EMPLOYEES
PROVIDENT FUND THE EMPLOYEES
DEPOSIT LINKED
SCHEME, 4 MARCH, PENSION SCHEME,
INSURANCE SCHEME,
1952 1995
1976
Employees Provident Funds And
Miscellaneous Provision Act, 195•
Applicability :

every employee employed in or in connection with


the work of a factory or other establishment covered by
the schemes other than an excluded employees is entitled
and required to become a member of the fund from the
date of joining the factory or establishment.
EXCLUDED EMPLOYEE:-
An employee who, having been a member off the fund, has withdrawn thefull
amount of his contribution in the fund
(a) On retirement from service after attaining the age of 55 years or
(b) Before migration from India for permanent settlement abroad or for taking
employment abroad. An employee whose pay at the time he is otherwise
entitled to become a member of the fund, exceeds Rs. 6500- per month A
person who, is an apprentice, of who s declared to be an apprentice by the
authority specified in this behalf by the appropriate Government.
CONTRIBUTION UNDER EPF SCHEME, 1952
1.EMPLOYEE: 12% on Basic + DA
2. EMPLOYER : (a) 3.67% on basic + DA (
b)Administrative Charges: 1.10%6 an Basic +DA
Benefits Of Provident Funds To The
Employees

1.Employees Provident fund:


It includes the following benefits :-
A) PF Benefits
B) Pension Benefits
C) Withdrawal Benefits
Who is eligible for PF?
Employees drawing less than Rs 15,000 per month have to mandatorily
become members of the EPF. However, an employee who is drawing
'pay' above prescribed limit (currently Rs 15,000) can become a
member with permission of Assistant PF Commissioner, if he and his
employer agree.
How Provident Fund Is
Calculated?

The employee contributes 12 percent of his or her basic salary along with
the Dearness Allowance every month to the EPF account. For example: If
the basic salary is Rs. 15,000 per month, the employee contribution shall
be 12 % of 15000, which comes to Rs 1800/-. This amount is the
employee contribution
What is Employees Provident
Fund Act?
Employees Provident Fund is established in 1952 and hence the act is
named as Employees Provident Fund & Miscellaneous Provisions Act,
1952, which extend to the whole of India except Jammu & Kashmir.
Employee Provident Fund (EPF) Provident fund is a welfare scheme for
the benefits of the employees
THANK YOU….

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