Compliance under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 read along with the Employees' Provident Funds Scheme, 1952 EPF or Employee Provident Fund is an initiative of the government for the proper care of the employees and to ensure their social security. As per the ...
Your pension fund balance is mentioned in your EPF Passbook which is part of Employees’ Pension Scheme (EPS). Segregation of Your EPF Contribution Currently, the following three schemes are in operation under the EPF Act of 1952, and it is into these trusts that your monthly contributions go...
The Employees' Provident Fund Scheme and Miscellaneous provisions Act, 1952 defined by EPFO- is applicable to every establishment (business/ not-for-profit) employing 20 or more persons (5+ in the case of cinema theatres) in the whole of India except Jammu and Kashmir....
Pension is only given directly to the members themselves. But when the death takes place at that time, the pension is given to the member’s family. A certificate called a scheme certificate is there, which consists of information about the list of members’ services and their families. This...
Employees Deposit Linked Insurance Scheme (EDLIS) provides for a lump sum payment to the insured’s nominated beneficiary in the event of death due to natural causes, illness or accident, while in job. The EPF & MP Act, 1952 was enacted by Parliament and came into force with effect from ...
Employees Provident Fund (EPF) is a social security scheme which is implemented throughout India and is regulated by the Employees Provident Fund Organisation (EPFO) which is formed by the mandate given by Employees Provident Funds Act, 1952. EPF is designed to offer social security benefits to ...
EPF, generally known as PF (Provident fund) is a retirement savings fund to which both employers and workers contribute to the employees' retirement savings funds. It was established under The Employees' Provident Funds Act 1952. Employees' Provident Fund Organisation (EPFO) manages the fund. Empl...
You should not be working at the time of submission of the claim in an establishment that is covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. A claim for the purpose of final settlement can be submitted only after 2 months of the last date of employment....
idea behind implementing this scheme was to provide the employees with social security and a secure future as a reward for their hard work and dedication to the organisations. EPF was implemented under the Employees’ Provident Funds Act as a compulsory contributory fund for all working ...
1952: The EPF Scheme 1995: The Pension Scheme 1976: The Insurance Scheme Employees who are covered by the EPF scheme make a fixed contribution of 12% of their basic salary as well as the dearness allowance to the scheme. The employer should also contribute equally to the EPF scheme. Right...