Employees' Provident Funds and Miscellaneous Provident Act, 1 For Statement of object and Reason, see Gazette of India, , Pt. II. ruthenpress.info 1. The Employees' Provident Funds Scheme, CONTENTS. CHAPTER I. Preliminary. 1. Short, title and application. 2. Definition. 4[(1) This Act may be called the. Employees' Provident Funds and Miscellaneous Provisions Act, (2) It extends to the whole of India except the State of.
|Language:||English, Spanish, Arabic|
|Genre:||Academic & Education|
|Distribution:||Free* [*Register to download]|
Employee's Provident Fund and Miscellaneous Provisions Act' Employees' State Insurance Act' 2 | Page. Compiled by: CA Vivek Agarwal (FCA. Item 1 - 24 XIX OF [ 4th March, ]. An Act to provide for the institution of provident funds for employees in factories and other establishments. Contents. THE EMPLOYEES» PROVIDENT FUNDS ACT. AS A CONVALESCENE TO RETIRED WORKERS. A. Objects and Scope s lo. The Provident Funds Act at .
So, for every employee with basic pay equal to Rs 15, or more, the diversion is Rs 1, each month into EPS. If the basic pay is less than Rs then 8. The balance will be retained in the EPF scheme.
Higher voluntary contribution by employee or Voluntary Provident Fund The employee can voluntarily pay higher contribution above the statutory rate of 12 percent of basic pay. This VPF also earns tax-free interest. However, the employer does not have to match such voluntary contribution. Click here to go to EPF calculator 3.
There is, however, a window to partially withdraw the amount for those nearing retirement. Anyone over 54 can withdraw up to 90 percent of the accumulated balance with interest.
But what if someone decides to quit his job before reaching 55? Under the existing rule, the employees, in such cases, can withdraw the full PF balance if he is out of employment for 60 straight days or more.
Mode of recovery of moneys due from employers. Fund to be recognised under Act XI of Protection against attachment.
Priority of payment of contributions over other debts. Employer not to reduce wages, etc. Offences by companies.
Power to recover damages. Special provisions relating to existing provident funds. Act not to apply to factories belonging to Government or local authority and also to infant factories. Protection for acts done in good faith. Delegation of powers. Power to remove difficulties.
B E it enacted by Parliament as follows: The Central government may, by notification in the Official Gazette, frame a Scheme to be called the Employees' Provident Fund Scheme for the establishment of provident funds under this Act for employees or for any class of employees and specify the factories or class of factories to which the said Scheme shall apply,.
Provided that where the amount of any contribution payable under this Act involves a fraction of a rupee, the Scheme may provide for the rounding off of such fraction to the nearest rupee, half of a rupee or quarter of a rupee. Provided that nothing contained in this sub - section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.
Power to exempt. If any difficulty arises in giving effect to the provisions of this Act, and in particular, if any doubt arises as to -. Any industry engaged in the manufacture of any of the following, namely: Electrical, mechanical or general engineering products.
Iron and steel. Textiles made wholly or in part of cotton or wool or jute or silk, whether natural or. The employees or class of employees who shall join the Fund, and the conditions under which employees may be exempted from joining the Fund or from making any contribution.
The time and manner in which contributions shall be made to the Fund by employers and by, or on behalf of, employees, the contributions which an employee may, if he so desires, make under sub - section 1 of section 6, and the manner in which such contributions may be recovered.
The payment by the employer of such sums of money as may be necessary to met the cost of administering the Fund and the rate at which and the manner in which the payment shall be made. The constitution of boards of trustees for the administration of Funds, each of which shall consist of -.
The number of trustees on any board, the terms and conditions subject to which they may be nominated, the time, place and procedure of meetings of the board, the appointment of officers and other employees of the board, and the opening of regional and other offices. The conditions under which withdrawals from the Fund may be permitted and any deduction or forfeiture may be made and the maximum amount of such deduction or forfeiture.
The fixation by the Central Government in consultation with the boards of trustees concerned of the rate of interest payable to members. The form in which an employee shall furnish particulars about himself and his family whenever required. The nomination of a person to receive the amount standing to the credit of a member after his death and the concellation or variation of such nomination.