What is the EPF scheme 1952?

What is the EPF scheme 1952?

Employees’ Provident Fund Scheme, 1952: Employees’ Provident Fund Scheme was set up under the Act for the purpose of providing a post retirement benefit for the employees or a class of employees or their legal heirs in case of death, employed under an establishment to which this Act applies.

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What are the main features of the Employees Provident Fund Act 1952?

Employee Provident Fund Scheme, 1952 Under this scheme, every employee is required to make a contribution towards the provident fund at the rate of 12% of the Basic Wages, Dearness Allowance and cash value of food concession.

What is the difference between PF 1952 and 1995?

Most organisations today offer the facility of PF. EPF (Employees’ Provident Fund Scheme 1952) and EPS (Employees’ Pension Scheme 1995) are the two different retirement saving schemes under Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, meant for salaried employees.

Which the provisions of the Employees Provident Fund Act 1952 apply?

Contribution of Pf paid by employer & employee is 12% (basic pay + dearness allowance + retaining allowance) Equal contribution is paid by the employer & employee. The establishment which employees less than 20 person shall be restricted to contribute 10% for both employee & employer contribution.

What is para 2 F of the EPF scheme 1952?

Employees covered under the scheme – As per section 2(f), “employee” means any person who is employed for wages in any kind of work, manual or otherwise, in or in connection with the work of an establishment, and who gets his wages directly or indirectly from the employer.

What is EPF fund?

Employees’ Provident Fund Organisation.

What are the different types of provident fund?

Employees’ provident fund is classified into 4 categories: Statutory Provident Fund, Recognized Provident Fund, Unrecognized Provident Fund and Public Provident Fund.

What are the objectives of EPF?

What is the objective of EPF Scheme? EPF Scheme is implemented to help the government, public or private sector employees financially by providing a lump sum amount on their retirement or separation from their job by managing provident fund of them. It helps in providing social security to the members of the scheme.

What is para 2 g of the Employees Provident Fund Scheme 1952?

In case the nominee is a minor, the member has to furnish details of the guardian who will receive the PF amount. In case the member does not have any dependent parents or family as mentioned under para 2 (g) of Employees Provident Fund Scheme 1952, he or she should strike out the sections which are not applicable.

How does one know that one part of EPF Scheme 1952 or 1995 Quora?

You must be getting a statement every year through your employer which contains the PF Number. Once you got your unique ID, you can check online what is the status of your PF Account and EPF Account and raise any queries direct with the PF Office. They will give you all the details relating to your PF Account.…

What is EPF scheme?

EPF (Employees’ Provident Fund) is a retirement benefit scheme maintained by the Employees’ Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance.

How can I know my date of joining EPF 1952?

You can go to ‘view’ and ‘service history’ to check details like date of joining and exit from both EPF and EPS.

What is Section 7A in EPF?

Section 7A is the provision under which PF commissioners (who are vested with the powers of a civil court), can initiate an inquiry, by order, to determine (i) the applicability of the EPF Act to an establishment in case of a dispute; and (ii) to determine amounts due from any employer under the EPF Act and its schemes …

What is EPF and its benefits?

The Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India. The savings scheme is directed towards the salaried class to facilitate their habit of saving money to build a substantial retirement corpus.

What is the difference between EPF and PF?

PF is the popular name for EPF or Employees’ Provident Fund. It is a government-established savings scheme for employees of the organised sector. The EPF interest rate is declared every year by the EPFO (Employees Provident Fund Organisation) which is a statutory body under the Employees’ Provident Fund Act, 1956.

Who introduced EPF?

The board is chaired by the Union Labour Minister of India. Presently, the following three schemes are in operation under the Act: Employees’ Provident Fund Scheme, 1952.

How can I check my Employee Provident Fund Scheme 1952?

You can check your UAN status at https://unifiedportal-mem.epfindia.gov.in. If employees are sent to abroad for working for certain period, can they contribute to EPF in India?

How do I know if I am in EPF scheme 1952?

You can check your eligibility at the Online Transfer Claim Portal (OTCP) under the category “FOR EMPLOYEES” on the home-page of EPFO website – www.epfindia.gov.in . If you are eligible for the online transfer, then register as a member on the portal.

  • October 26, 2022