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Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
Pf & miscellaneous provisions act
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Pf & miscellaneous provisions act

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Pf & miscellaneous provisions act

Pf & miscellaneous provisions act

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  • 1. MASTER OF SOCIAL WORK – II YR PRESENTATION ON THE EMPLOYEE PROVIDENT FUND & MISCELLANEOUS PROVISIONS ACT, 1952 (EPF & MP SCHEMES)
  • 2. SYNOPSIS The Employees Provident Fund & Miscellaneous Provisions Act, 1952:- ◦ Objects of the Act; ◦ Applicability/Non-Applicability of the Act; ◦ Features of the Scheme. Employees Pension Scheme, 1995:- ◦ Purpose of the Act; ◦ Quantum of Contribution; ◦ Formula to calculate Pension Fund. Employees Deposit Linked Insurance Scheme, 1976:- ◦ Features of the scheme; ◦ Benefit to nominee of employee; Composition of Central Board of Trustees. Determination of Contribution payable. Appeal against the order of the officer. Employees Own Provident Fund Account authorization. Transfer of accounts. Penalties. Power of Inspectors. Conclusion.
  • 3. OBJECT OF THE ACT:o To provide retirement benefit to the employees in the form of lump sum amount and also provide for a pension scheme to the employee & his family. Following schemes are covered under the Act by Central Government: The Employees Provident Fund & Miscellaneous Provisions Act, 1952. Employees Pension Scheme, 1995. Employees Deposit Linked Insurance Scheme, 1976.
  • 4. APPLICABILITY OF THE ACTEvery establishment which is a factory engaged in any industry specified in Schedule I to theAct and in which 20 or more persons are employed. (10 employees w .e .f 9 Nov 2010)Any other establishment or class of establishment employing 20 or more persons which maybe specified by Central Government by notification in official gazette.Central Government can also apply provisions of the Act to any establishment employs lessthan 20 persons.Even if the provisions of PF Act are not applicable in a particular establishment, if employerand majority of employees agree, the Central Provident Fund Commissioner can apply theprovisions to that establishment by issuing a notification in official Gazette.Once the provisions of Act become applicable, it continues to be applicable even if numberof employees fall below 20.
  • 5. NON-APPLICABILITY OF THE ACT Any establishment registered under Cooperative Societies Act or State Law relating to Cooperative societies, employing less than 50 persons and working without paid of power. To any establishment belonging to or under Control of Central Government or State Government To any establishment set up under any Central or State Act Any other establishment newly set up until the expiry of 3ye
  • 6. The Employees Provident Fund Scheme, 1952 Central Government through notification in the Official Gazette frames a Scheme for establishment of provident funds for the employees of the establishment. The Fund shall vest in & be administered by the Central Board of Trustees and Executive Committee
  • 7. FEATURES OF THESCHEME QUANTUM OF CONTRIBUTION: The employer’s and employee’s contribution is 12% each. The employer’s contribution to the Provident Fund will be 10%/12% of the Pay ( i . e Basic Wages +D . A + Retaining Allowance) The Central Government is empowered to increase the rate of contribution to 12% by way of notification in the official Gazette. Employee earning more than Rs.6,500 per month is eligible for availing this scheme.
  • 8. DIVERSION TO PENSION SCHEME: Out of employer’s contribution of 12% theemployer’s contribution of 8.33% will be diverted toEmployees Pension Scheme. The balance will be retained in the EPF Scheme. Thus, on retirement, the employee will get his full share plus the balance of employer’s share retained to his credit in EPF account. INVESTMENT: The amount received by way of Provident Fund Contributions is to be invested by the Board ofTrustees in accordance with the investment pattern approved by the Government of India. Themembers get interest on the money standing to the credit at a rate recommended by the Board of Trustees approved by the Government of India
  • 9. EMPLOYEES PENSIONSCHEME,1995 Purpose of this Scheme: To provide Superannuation scheme, retiring pension or permanent total disablement pension to the employees of the establishment to whom the Act applies. To provide widow or widower’s pension, children pension or orphan pension payable to the beneficiaries of such employees.
  • 10. Quantum of Contribution to the Pension Fund: Such sums from the Employer’s contribution to EPF Scheme as may be specified in the Pension Scheme. However the sum shall not exceed 8.33% of the Pay (Basic Wages+ D. A +Retaining Allowance), balance-3.67% as the case may be, will be credited in employee’s name in Provident Fund account. Monthly Pension=Pensionable Salary*(Pensionable Service+2)/70. For e.g. Pensionable service=33 years, pensionable salary= Rs. 5,000, Monthly pension = 5,000*{33+2}/70= Rs. 2,500.
  • 11. Employees Deposit Linked InsuranceScheme, 1976Purpose of the Scheme: To provide Life insurance benefits to the employees of the establishment to whom the Act applies. After the Insurance Scheme has been framed , the Central Government Shall establish a deposit Linked Insurance scheme by way of notification in the Official gazette. Contribution : Employees : Not required..Employer :(a) 0.50% on Basic + DA (b) Administrative Charges : 0.01% on Basic +DA and retaining allowance(if any)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 amounts payable on a monthly pay of Rs. 6,500 only
  • 12. Benefit to nominee of employee: The insurance amount is equal to the average balance in the account of On the death of the deceased employee in the Provident Fund an employee during a period of 12 while in service a months lump sum immediately preceding his death. In case the insurance amount average balance is payable to his exceedsRs.35,000/- the insurance amount nominee or payable is Rs. 35,000/- family members. plus 25% of the amount in excess of Rs. 35,000/- subject to a ceiling of Rs. 60,000/-.
  • 13. Statutory Forms Of Provident Fund Form 5: Employees qualifying for PF for first time (Month Wise) Form 10: Employees leaving the service (Month Wise) Form 12A: Statement of contribution (Monthly) Form 3A: Contribution card for specific currency period(Employee wise) Form 6A: Annual Statement of contribution (Company Wise)Declaration: By the employee Form 2: Nomination and Declaration Form 19: To claim final settlement of Provident Fund by member Form 10C: Claiming withdrawal Benefit/Scheme certificate Form 20: To claim Provident Fund by nominee/legal heir on death of the member. Form 10-D:To claim pension. (In duplicate :if within state, in triplicate: if other state. Form 5IF: To claim assurance benefit under Employees Deposit Linked Insurance nominee/legal heir of a member. Form 31: To claim temporary withdrawal/advance under Employees Provident Fund scheme 52. Form 13: To effect transfer of Provident Fund/Pension from one A/c to another
  • 14. Composition of Central Board ofTrustees. 10 persons representing employers and Chairman & Vice Chairman appointed by employees each – appointed by Central Central government. Government in consultation with organization of employees. Max. 15 officials representing Central Central provident Fund Commissioner. Government & State Government each.
  • 15. APPEAL & EMPLOYER’s OWN PF A/CAUTHORIZATION • Appeal against various orders passed under the Act can be made to employee’s PF Appeal : Appellate Tribunal. Appeal is entertained only after depositing 75% of the amount demanded. • An application form provision is made to central Government. Employer’s • The application must be made by employer and majority of employees. • The establishment employs 100 or more persons. Own PF A/c • The establishment hasn’t committed any default in the payment of PF contribution or any other offence during 3 years immediatelyAuthorization: preceding the date of application. • The Central Government has authorized the employer by an order in writing to maintain a PF A/C
  • 16. TERMS & CONDITIONS OFAUTHORIZATION: Manner of Manner of Submission ofmaintenance Depositing the Returns. of PF A/C. Contribution.Facilities to be Payment of Other terms & provided for Administrative conditions. inspection. charges.
  • 17. TRANSFER OF ACCOUNTS & PENALTIES Transfer of A/C: If the new establishment is covered under PF act; If the new establishment is not covered under the PF act; If the old establishment was not covered under the PF act. Penalties: Any false statement/ false representation/ avoiding any payment of benefits under the Act- 5 years imprisonment or Rs. 25,000 or both.
  • 18. POWERS OF INSPECTOR Enter establishment at any time and require an Make copies from To collect information employee to produce books, register or & ask to furnish before him examinationInformation on amount any accounts, books, other documents in recoverable; register or documents relation to relating to employment establishment. of persons.

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