What are the provisions of the Employees Provident Funds and Miscellaneous Provision Act 1952?

What are the provisions of the Employees Provident Funds and Miscellaneous Provision Act 1952?

-(1) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 provides for the institution of Compulsory Provident Fund, Family Pension Fund and Deposit-Linked Insurance Fund, for the benefit of the employees in factories and other establishments.

What is Employees Provident Fund and Miscellaneous Provisions Act?

India Code: Employees Provident Funds and Miscellaneous Provisions Act, 1952. Long Title: An Act to provide for the institution of provident funds pension fund and deposit-linked insurance fund for employees in factories and other establishments.

Is Provident Fund a provision?

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. Provident fund is a welfare scheme for the benefits of the employees.

How the provident fund scheme is administered under the Employees Provident Funds and Miscellaneous Provisions Act 1952?

The Employees’ Provident Fund Schemes, 1952: This act has been passed by Central Government. This fund is administered by Central Board which is administered by Board of Trustees.

What are the benefits of the Employees Provident Fund Miscellaneous Provisions Act 1952?

u The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 aims to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pen- sion, Family Pension and Deposit-Linked Insurance.

Which scheme of the following comes under EPF and Miscellaneous Provisions Act 1952?

EPF is the main scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

Who all are eligible for EPFO?

EPF eligibility criteria If you are a salaried employee with a Basic + Dearness Allowance less than Rs. 15,000 per month, it is mandatory for you to be opened an EPF account by your employer.

What is the Provident Fund Act?

ACT NO. 19 OF 1925 1 [ 27th August, 1925.] An Act to amend and consolidate the law relating to Government and other Provident Funds. (1) This Act may be called the Provident Funds Act, 1925 . (2) It extends to the whole of India 2 except the State of Jammu and Kashmir] 3 .

How is a provident fund calculated?

Employee Provident fund interest is calculated on the Contributions made by the employee as well as the employer. Contribution made by the employee equals 12% of his/her Basic Pay plus Dearness Allowance (DA). Typically, Employer 12% Contribution is divided as follows: 3.67% into Employee Provident fund.

How do I know if my PF trust is exempted?

How to find if your Establishment is an Exempted one online?

• Visit epfindia.nic.in.
• Click on ‘Services’ tab and select ‘For Employers’ option.
• Scroll down to ‘Services’ section and click on ‘Establishment Search’ option.

What is PF exemption?

# Unexempted means that PF/Pension Account is maintained by EPFO. ##Exempted: means that PF/Pension account is maintained by TRUST.

Can we transfer PF from trust to EPF online?

(a) The EPF member is required to be registered on the Member Portal to file an Online Transfer Claim Application. Claim on the Homepage of EPFO website www.epfindia.gov.in. and IFS Code of the exempted trust would be required to be furnished for transfer of P.F. accumulations to the bank account of Trust.

Is PF transfer mandatory?

Provident Fund (PF) is mainly considered as a retirement-oriented investment option, which is mandatory for an employee. According to the Employees’ Provident Fund Organisation (EPFO) norms, it is better to transfer one’s PF or Employees’ Provident Fund (EPF) account to the new recruiter.

How can I check my PF transfer status?

Step 1 – Log in to the UAN Member Portal with your UAN and Password. Step 2 – Click on the ‘Online Services’ tab and a drop down will appear. Step 3 – Click on the third option- ‘Track Claim Status’. Step 4 – The status of your online withdrawal/transfer claim will appear on the screen.