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THE EMPLOYEES’
    PROVIDENT
    FUNDS AND
  MISCELLANEOUS
PROVISIONS ACT, 1952        BY
                       VIJAY MEHTA
OBJECTIVE
 The  Employees’ provident Funds and Miscellaneous
 provisions Act, 1952 is enacted 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 Pension,
 Family Pension and Deposit Linked Insurance.

 The  Act provides for payment of terminal benefits in
 various contingencies such as retrenchment, closure,
 retirement on reaching the age of superannuation,
 voluntary retirement and retirement due to incapacity to
 work.
APPLICABILITY OF THE ACT
 To  every factory employing 20 or more
  persons.
 Any establishment to which the Act applies
  shall continue to be governed by the Act
  even if the number of persons employed
  therein at any time falls below.
The Employees’ Provident
Funds Scheme, 1952
 Applicability : Every employee employed
 in or in connection with the work of a
 factory or other establishment covered by
 the schemes other than an excluded
 employee is entitled and required to
 become a member of the fund from the
 date    of    joining   the  factory   or
 establishment.
Excluded Employee :
   An employee who, having been a member
    of the fund, has withdrawn the full amount
    of his contribution in the fund (a) on
    retirement from service after attaining the
    age of 55 years or (b) before migration
    from India for permanent settlement
    abroad; or for taking employment abroad
   An employee whose pay at the time he is
    otherwise entitled to become a member of
    the Fund, exceeds Rs. 6,500/- per month.
   A person who, is an apprentice, or who is
    declared to be an apprentice by the
    authority specified in this behalf by the
    appropriate Government.
Contribution under EPF
Scheme,1952
1. Employees : 12% on Basic + DA
2. Employer :
   (a) 3.67% on Basic + DA
   (b) Administrative Charges : 1.10% on
       Basic +DA


                        27 Aug 2012
The Employees’ Pension
Scheme, 1995
Purpose: The purpose of the scheme is
 to provide for (1) superannuation pension,
 retiring pension or permanent total
 disablement     pension   to    employees
 covered by the Employees’ Provident
 Funds and Miscellaneous Provisions Act,
 and (2) widow or widower’s pension,
 children pension or orphan pension
 payable to the beneficiaries of such
 employees.
Contribution

1. Employee: Not required
2. Employer :
  (a) 8.33% on Basic + DA

  It is to be noted that where the pay of the
 member exceeds Rs. 6,500/- per month,
 the contribution payable by the employer
 will be limited to the amt. payable on his
 pay of Rs. 6,500/- only.
Formalities under EPF Act
   Employees have been appointed on salary
    ( Basic+ DA or Consolidated ) of Rs. 6500 or less
    or covered under the provision of the EPF Act,
    right from the day of commencement of their work.
    Employee can contribute more behind Rs.6500
    similarly employer also at his discretion can do so
    but not mandatory
   EPF Act is applicable to such of the establishments
    who are engaging 20 or more persons or had
    engaged 20 or more persons at any time during
    calendar year.
Formalities under EPF
   Act workers/ Temporary workers/
    Casual
  Probationary, even if they had performed
  work even for a day, are technically taken
  into account for the purpose of assessments
  of strength of 20 for the purpose of
  applicability of the act and are also covered
  under the act. Apprentices/ Trainees are
  excluded from the definition of employees.
 Percentage of contribution to be deducted
  from employees contribution is 12% of his
  salary, namely Basic + DA , but does not
  include HRA, CCA, Incentive, Bonus,
  Washing allowance etc.
Formalities under EPF Act
       Employer contribution of 12% of the salary of
        employees is to be paid as under
    •   3.67% to be remitted in Account No.1 ( Employees
      Account)
    •   8.33% to be remitted in Account No.10 towards
      pension fund

       In addition to 12% of the employer has to remit
        1.61% paid as under
          • 1.10% Administrative charges in Account No.2
          • 0.5% EDLI in Account No.21
          • 0.01% Inspection charges in Account No.22
Formalities under EPF Act
.  To facilitate the employer to make the
 above contribution a consolidated challan
                       ( in quadruplicate) is
 made in which all the above contributions
 could be remitted one challan itself.
The Employees’ Deposit-Linked
Insurance Scheme, 1976


 Purpose  : To provide life insurance
 benefits to the employees of the
 establishments covered by the EPF & MP
 Act, 1952
Contribution under EDLI
Scheme,1976
1. Employees : Not required
2. Employer :
   (a) 0.5% on Basic + DA
   (b) Administrative Charges : 0.01% on
       Basic +DA
   Where the monthly pay of an employee is more than
  Rs. 6,500 the contribution payable in respect of him
  by the employer is limited to the amts payable on a
  monthly pay of Rs. 6,500 only.
Benefits of EDLI scheme
The benefit provided under the scheme in the nature
   of life insurance as follows:
1. On the death of an employment while in service
   a lump sum insurance amount is payable to his
   nominee or family members.
2. The insurance amount is equal to the average
   balance in the account of the deceased
   employee in the Provident Fund during a period
   of 12 months immediately preceding his death.
   In case the average balance exceeds Rs.35,000/-
   the insurance amount payable is Rs. 35,000/-
   plus 25% of the amount in excess of Rs.
   35,000/- subject to a ceiling of Rs. 60,000/-.
Compliances under EPF & MP Act, 1952
Sr.   Type of Compliance                 Form      Compliance       Remark /
No                                        No.      Date             Submitted to
.


1.    Declaration Form from new            2       At the time of   RPFC office
      Joinees                                      joining

2.    Monthly contribution of Employer   Challan   Before 15th of   In SBI
      & Employee in Challan for                    every month
      previous month


2.    Return of Employees Qualifying       5       Before 15th of   RPFC office
                                                   every month

3     Return of Employees Leaving          10      Before 15th of   RPFC office
                                                   every month

4     Monthly Return                      12A      Before 25th of   RPFC office
                                                   every month
Compliances under EPF & MP Act, 1952
Sr.   Type of Compliance               Form No.    Compliance Date        Remark /
No.                                                                       Submitted to



5.    Annual return & reconciliation   3A & 6A     Before 30th of April   RPFC office
      statement



6.    Transfer of PF A/c                  13       When new Recruit       RPFC office


7.    Final settlement                 19, 10C &   At the time of         RPFC office
                                          10D      Leaving the service



8.    Advances for various Purpose        31       After 5 Years of
                                                   membership
THANK YOU.

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Providentfund PPT

  • 1. THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952 BY VIJAY MEHTA
  • 2. OBJECTIVE  The Employees’ provident Funds and Miscellaneous provisions Act, 1952 is enacted 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 Pension, Family Pension and Deposit Linked Insurance.  The Act provides for payment of terminal benefits in various contingencies such as retrenchment, closure, retirement on reaching the age of superannuation, voluntary retirement and retirement due to incapacity to work.
  • 3. APPLICABILITY OF THE ACT  To every factory employing 20 or more persons.  Any establishment to which the Act applies shall continue to be governed by the Act even if the number of persons employed therein at any time falls below.
  • 4. The Employees’ Provident Funds Scheme, 1952  Applicability : Every employee employed in or in connection with the work of a factory or other establishment covered by the schemes other than an excluded employee is entitled and required to become a member of the fund from the date of joining the factory or establishment.
  • 5. Excluded Employee :  An employee who, having been a member of the fund, has withdrawn the full amount of his contribution in the fund (a) on retirement from service after attaining the age of 55 years or (b) before migration from India for permanent settlement abroad; or for taking employment abroad  An employee whose pay at the time he is otherwise entitled to become a member of the Fund, exceeds Rs. 6,500/- per month.  A person who, is an apprentice, or who is declared to be an apprentice by the authority specified in this behalf by the appropriate Government.
  • 6. Contribution under EPF Scheme,1952 1. Employees : 12% on Basic + DA 2. Employer : (a) 3.67% on Basic + DA (b) Administrative Charges : 1.10% on Basic +DA 27 Aug 2012
  • 7. The Employees’ Pension Scheme, 1995 Purpose: The purpose of the scheme is to provide for (1) superannuation pension, retiring pension or permanent total disablement pension to employees covered by the Employees’ Provident Funds and Miscellaneous Provisions Act, and (2) widow or widower’s pension, children pension or orphan pension payable to the beneficiaries of such employees.
  • 8. Contribution 1. Employee: Not required 2. Employer : (a) 8.33% on Basic + DA It is to be noted that where the pay of the member exceeds Rs. 6,500/- per month, the contribution payable by the employer will be limited to the amt. payable on his pay of Rs. 6,500/- only.
  • 9. Formalities under EPF Act  Employees have been appointed on salary ( Basic+ DA or Consolidated ) of Rs. 6500 or less or covered under the provision of the EPF Act, right from the day of commencement of their work. Employee can contribute more behind Rs.6500 similarly employer also at his discretion can do so but not mandatory  EPF Act is applicable to such of the establishments who are engaging 20 or more persons or had engaged 20 or more persons at any time during calendar year.
  • 10. Formalities under EPF  Act workers/ Temporary workers/ Casual Probationary, even if they had performed work even for a day, are technically taken into account for the purpose of assessments of strength of 20 for the purpose of applicability of the act and are also covered under the act. Apprentices/ Trainees are excluded from the definition of employees.  Percentage of contribution to be deducted from employees contribution is 12% of his salary, namely Basic + DA , but does not include HRA, CCA, Incentive, Bonus, Washing allowance etc.
  • 11. Formalities under EPF Act  Employer contribution of 12% of the salary of employees is to be paid as under • 3.67% to be remitted in Account No.1 ( Employees Account) • 8.33% to be remitted in Account No.10 towards pension fund  In addition to 12% of the employer has to remit 1.61% paid as under • 1.10% Administrative charges in Account No.2 • 0.5% EDLI in Account No.21 • 0.01% Inspection charges in Account No.22
  • 12. Formalities under EPF Act . To facilitate the employer to make the above contribution a consolidated challan ( in quadruplicate) is made in which all the above contributions could be remitted one challan itself.
  • 13. The Employees’ Deposit-Linked Insurance Scheme, 1976  Purpose : To provide life insurance benefits to the employees of the establishments covered by the EPF & MP Act, 1952
  • 14. Contribution under EDLI Scheme,1976 1. Employees : Not required 2. Employer : (a) 0.5% on Basic + DA (b) Administrative Charges : 0.01% on Basic +DA Where the monthly pay of an employee is more than Rs. 6,500 the contribution payable in respect of him by the employer is limited to the amts payable on a monthly pay of Rs. 6,500 only.
  • 15. Benefits of EDLI scheme The benefit provided under the scheme in the nature of life insurance as follows: 1. On the death of an employment while in service a lump sum insurance amount is payable to his nominee or family members. 2. The insurance amount is equal to the average balance in the account of the deceased employee in the Provident Fund during a period of 12 months immediately preceding his death. In case the average balance exceeds Rs.35,000/- the insurance amount payable is Rs. 35,000/- plus 25% of the amount in excess of Rs. 35,000/- subject to a ceiling of Rs. 60,000/-.
  • 16. Compliances under EPF & MP Act, 1952 Sr. Type of Compliance Form Compliance Remark / No No. Date Submitted to . 1. Declaration Form from new 2 At the time of RPFC office Joinees joining 2. Monthly contribution of Employer Challan Before 15th of In SBI & Employee in Challan for every month previous month 2. Return of Employees Qualifying 5 Before 15th of RPFC office every month 3 Return of Employees Leaving 10 Before 15th of RPFC office every month 4 Monthly Return 12A Before 25th of RPFC office every month
  • 17. Compliances under EPF & MP Act, 1952 Sr. Type of Compliance Form No. Compliance Date Remark / No. Submitted to 5. Annual return & reconciliation 3A & 6A Before 30th of April RPFC office statement 6. Transfer of PF A/c 13 When new Recruit RPFC office 7. Final settlement 19, 10C & At the time of RPFC office 10D Leaving the service 8. Advances for various Purpose 31 After 5 Years of membership