EMPLOYEE PROVIDENT FUND ACT 1952

MADE BY : ABHA GIANEY 22119103911

WHAT IS PROVIDENT FUND?

A form of savings which may be mandatory and are defined contribution schemes that pay out the contributions made and interest accumulated as a lump sum on retirement or other predetermined circumstances.

OBJECTIVES OF PROVIDENT FUND

Promote the saving of employees Provide the members and their families the guarantee of future security in case of resignation, retirement, disability, or death. The Act mainly provides retirement or old age benefits, such as Provident Fund, retirement and retirement due Superannuation Pension, Invalidation Pension, Family Pension and Deposit Linked Insurance.

THE EMPLOYEES' PROVIDENT FUND ACT ,1952

The Employees' Provident Fund Act,1952 is an important piece of Labour Welfare legislation enacted by the Parliament to provide social security benefits to the workers . The Act is administered by the Government of India through the Employees' Provident Fund Organisation (EPFO). EPFO is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions that it has been carrying on. It is an autonomous tripartite body under the control of Ministry of Labour with its head office in New Delhi.

APPLICABILITY OF THIS ACT

The act is applicable to every factory employing 20 or more persons. Any establishment to which the Act applies shall continue to be governed by the Act even if the number of persons employed therein at any time falls below. Casual workers/ Temporary workers/ Probationary, even if they had performed work even for a day, are technically taken into account for the purpose of assessments of strength of 20 for the purpose of applicability of the act and are also covered under the act.

Apprentices/ Trainees are excluded from the definition of employees.

FUNCTIONS OF EPF

To receive and recover contributions. To maintain members and employers accounts. To invest the funds.

To return the savings to members through the various

withdrawal options.

EMPLOYEE PROVIDENT FUND

BENEFITS
EPF scheme benefits employees in following essential needs: Retirement Medical Care Housing Family obligation Education of Children Financing of Insurance Polices

SCHEMES UNDER THE ACT

The Central Government has framed the following three schemes : 1. Employees Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act), came into force from 1st November, 1952 2. Employees Family Pension Scheme, 1971 (EFPS) came into force from 1st March 1971 3. Employees Deposit-Linked Insurance Scheme, 1976 (EDLI) came into force from 1st August, 1976

FORM 19 UNDER EPF SCHEME