The ministry of labour and employment, government of india, has recently made a few amendments in the employees provident fund scheme, 1952. It came into existence with the promulgation of the employees provident funds ordinance on the 15th november, 1951. Employees provident fund act 1952,detailed report slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Employees provident funds and miscellaneous provisions act, 1952. The employees provident funds and miscellaneous provisions act, 1952 long title. It is a scheme managed under the employees provident funds and miscellaneous provisions act, 1952, by the employees provident fund organization epfo.
The government notified that the epf act shall apply to all banks, employing twenty or more number of persons as a class of establishment, for those employees who are not entitled to the benefit of contributory provident fund or old age pension under any scheme or rules framed by. Employees provident funds miscellaneous provisions act, 1952. Objectiveobjective the employees provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. Introduction, definition of epf, description, objective, applicability of the act, excluded employee, benefits, contribution of employee, formation of pf trusts, interest, nomination. Employee provident fund epf provident fund is a welfare scheme for the benefits of the employees. This act extends to the whole of india except jammu and kashmir. Act 452 employees provident fund act 1991 an act to provide for the law relating to a scheme of savings for employees retirement and the management of the savings for the retirement purposes and for matters incidental thereto. Employees provident fund appellate tribunal procedure rules 1997.
The government in 1952 framed this act for the benefit and welfare of th provision of employees provident funds and miscellaneous provisions act, 1952. Employees provident funds and miscellaneous provisions act. An act to provide for the institution of provident funds pension fund and depositlinked insurance fund for employees in factories and other establishments. Employees provident funds and miscellaneous provident act, 1952. Hence, the act is named as employees provident fund and miscellaneous provisions act, 1952. Welcome to employees provident fund, central bank of sri. Provision of employees provident funds and miscellaneous. Section 17 of epf act 1952 power to exempt employees.
This scheme is registered under employee s provident funds and miscellaneous provisions act, 1952. The employees or class of employees who shall be covered by the insurance scheme. The employees provident funds and miscellaneous provisions act, 1952 1 act no. Employees provident fund and miscellaneous provisions act, 1952. Miscellaneous provisions act, 1952 epf act on banks. Where an employer makes default in the payment of any contribution to the fund 46, the 47 pension. Provident fund scheme was started by few concerns even before the enactment of the act. Power to apply act to an establishment which has a common provident fund with another establishment. Section 14 of epf act 1952 penaltiesemployees provident. The purpose of a provident fund is to provide financial security and stability to elderly people on retirement. Draft employees provident funds and miscellaneous provisions. It is a painful task for an organization to understand the rules and regulations of various labour laws and whether they apply.
Employees provident fund and miscellaneous provisions act. Section 14 penalties employees provident funds miscellaneous provisions act, 1952. Employees provident fund and miscellaneous provisions act, 1952 under labour laws in india, latest employees provident fund and miscellaneous provisions act, 1952 in india, simpliance. The plan was introduced with the employees provident funds act in 1952 and is today managed by the employees provident fund organisation epfo. When one begins employment, they are expected to contribute on a regularly basis typically monthly to their pf fund. The government in 1952 framed this act for the benefit and welfare of the employees. Employees provident fund and miscellaneous provisions act, 1952 at, a website for indian laws and bareacts, legal advice and law documents in india. Epf is the main scheme under the employees provident funds and miscellaneous provisions act, 1952.
If you continue browsing the site, you agree to the use of cookies on this website. Employees provident fund and miscellaneous provisions act, 1952 is a social security act passed by the government of india. The coal board established under the coal mines conservation and safety act, 1952. It is a scheme managed under the employees provident funds and miscellaneous provisions act, 1952, by the employees provident fund. The employees provident fund epf is a savings tool for the workforce. Section 17 of employees provident funds miscellaneous provisions act, 1952 power to exempt 1 the appropriate government may, by notification in the official gazette, and subject to such conditions as may be specified in the notification exempt, whether prospectively or retrospectively, from the operation of all or any of the provisions of. Today well be explaining everything you need to know about the epf act employee provident fund, 1952 and its amendments. B 2641991 be it enacted by the seri paduka baginda yang dipertuan. Employees provident funds and miscellaneous provisions.
Amendments in the employees provident fund act in india the ministry of labour and employment, government of india has, with effect from 1 september 2014, brought into force several important amendments to the schemes framed under the employees provident funds and miscellaneous provisions act, 1952 epf act i. All you need to know about the employees provident fund. Employees provident fund and miscellaneous provisions act, 1952 act no. It includes social security schemes namely provident fund, pension and insurance to industrial employees. Employee provident fund act 1952 2 retirement employment.
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 employee provident fund epf is a scheme that helps people save up a sufficient corpus for retirement. It was replaced by the employees provident funds act, 1952. Contents chapter i preliminary chapter ii board of. All about employees provident fund act,1952 taxguru. Every establishment which is a factory engaged in any industry. Employees provident fund act an act to establish a provident fund for the benefit of certain classes of employees and to nos. Employees provident funds scheme 1952 complete act. Existing employees to elect whether they will become depositors. Home income tax service tax vat central excise online forms bare acts companies act cpc crpc ipc formats. The epf is one of the main platforms of savings for all employees working in government, public or private sector organizations.
Power to apply the act to an establishment which has a common provident fund with another. Ilgl06a employees provident fund and miscellaneous provisions act 1952 duration. This act may be cited as the employees provident fund. Employees provident fund was established in the year 1952. March, 1952 an act to provide for the institution of provident funds, 1 pension fund and deposit linked insurance fund for employees in factories and other establishment be it enacted by. Epf act employee provident fund act explained with. March, 1952 an act to provide for the institution of provident funds, 1 pension fund and deposit linked insurance fund for employees in factories and other establishment be it enacted by parliament as follows. Employees provident fund your savings for the future. The epfos apex decision making body is the central board of trustees cbt. The honble supreme court opined that on the plain interpretation, there is no doubt that the retired railway employees, who had withdrawn their accumulations in general provident fund or any other fund of which they were members, could not have been treated as excluded employees for the purpose of the scheme of 1952 for the reason that. According to the act, any person who employees 20 or more employees is under an obligation to register himself under this act. Employee provident fund act 1952 2 free download as powerpoint presentation. It is implemented by the employees provident fund organisation. Employee provident fund act 1952 explained what is epf.
Excluded employee under epf actscheme 1952supreme court. Employees provident funds epf and miscellaneous provisions act, 1952 is an important piece of labour welfare legislation which was enacted by the parliament of india to provide social security benefits to the workers of industries. Section 14b in the employees provident funds and miscellaneous provisions act, 1952. 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. The government of india issues a notification on coverage. Employee provident fund act 1952 explained what is epf act. This act is applicable to employees drawing pay not more than rs. This edition of the provident funds act, 1925 is being published in digiot form. Belonging to or under the control ofthe central government or a state government and ii. Employees provident fund rules chapter 1 preliminary 1. Section 14 of employees provident funds miscellaneous provisions act, 1952.