EMPLOYEES PROVIDENT FUND ACT-1952

INTRODUCTION
The Employees Provident Funds & Miscellaneous Provisions Act, 1952 enacted by Parliament came into force w.e.f. 14.3.1952. The following three Schemes are in operation under the Act:1.The Employees Provident Fund Scheme, 1952 2.Employees Pension Scheme, 1995 and 3.Employees Deposit Linked Insurance Scheme, 1976
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MEANINIG
The Employees Provident fund is compulsory contributory fund for the future of the employee because of Retirement Death Both employer and employee contribute for the fund.

Purpose
Provident fund Family pension Deposit insurance Better future Dependent in case of death.

SCOPE
APPLICABLEWhole India except states of J&K. Every establishment where 20 employees are employed. Any other establishment NOT APPLICABLECooperative societies. Central or State government. Newly setup establishment.

EMPLOYER OBLIGATIONS TOWARDS EMPLOYEE FOR PF

EMPLOYERS CONTRIBUTION

1) TOWARDS EMPLOYEES PF AND PF(a) Less than 20 employees-10% of basic wage, dearness allowance. (b) more than 20 employees-12% of wage plus D.A.

Cont..
Retaining allowance Contribution Deductions Liable

Schemes
EMPLOYEE PROVIDENT FUND SCHEME SUPERANNUATION. RETIREMENT DISABLEMENT WIDOW CHILDREN PENSION ORPHAN CONTRIBUTION OF 8.33% EMPLOYEE DEPOIST LINKED INSURANCE SCHEME SEC(6C) INTRODUCED IN 1976. LIFE INSURANCE ESTABLISHMENT LINKED TO PF. DEPOSIT LINKED FUND. CONTRIBUTION 1% CENTRAL GOVT CONTRIBUTE

ADMINISTRATIONS
CENTRAL BOARD SEC(5.4)
Chairman and a vice chairman. Commissioner Not more than 5 persons by central govt. Not more than 15 persons representing central and state govt. 10 employer 10 employee.

EXECUTIVE COMMITTEE SEC (5AA)

CHAIRMAN 2 PERSONS CENTRAL GOVT 3 EMPLOYERS 3 EMPLOYEES

STATE BOARD SEC(5B)

CENTRAL GOVT APPOINT. EXCISE POWER AND DUTIES AS CENTRAL GOVT.

APPOINTMENT OF OFFICERS
CENTRAL GOVT APPOINTCommissioner Financial advisers Accounts officer Additional Central Provident Commissioner. Deputy Central Provident Commissioner Regional Provident Commissioner Assistant Provident Commissioner Professional team of officers

 Determination of money due from employers sec (7a) Additional Central Provident Commissioner. Deputy Central Provident Commissioner Regional Provident Commissioner Assistant Provident Commissioner

Review of orders passed sec (7a)

New information Mistakes Sufficient reasons.

Appeals to Tribunal sec (7i)

any person can appeal against notification issued by central govt.

 Order of Tribunal sec 7(4) Pass the order which he thinks fit after modifying and annulling. Interest payable by the employer under sec 7 (q)12% Modes of recovery sec 8(b) Contribution to fund Damage Any Charges to Central Govt Pension

Public Provident Fund Account

State Bank Of India Any Individual or Hindu Undivided family Rs 100 to Rs 70,000 Interest of 8% Half amount can be deduct after 5 yrs.

Protection against attachment sec 10 Priority of payment sec 11 Payment Charges Damages Charges to employers

Appointment of inspector sec 13Appropriate government.

Functions Enter any place Examine any persons Prescribed duty followed by law Seize any report or copy Exercise any power

Penalties and Offences Imprisonment with 3years. Less than 1yr fine of rs 10,000. Less than 6 yr fine of rs 5,000. Transfer of accounts sec 17(a) Time specified by the central govt.

Employees provident fund schemes

Under sec 5 Central government frame schemes.

Employees pension scheme sec 5(4) Retirement Disablement Superannuation Children pension Widow Family pension

Employees PF Appellate Tribunal SEC 7

Judge of High Court District Judge Set up for 5 yrs Age of 62yrs

Central board sec 5(4)

Chairman and Vice Chairman 5 person appointed by central government 15 representing government Employer Terms and condition Functions performed in act Funds vested as mention in scheme Maintain Proper account Audited annually

THANK YOU.

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