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Employees' Provident Funds and Miscellaneous Provisions Act, 1952.   <ul><li>It extends to the whole of India except the S...
Appropriate government   <ul><li>in relation to an establishment belonging to, or under the control of, the Central Govern...
Pay  <ul><li>'Pay' includes  </li></ul><ul><li>basic wages with  </li></ul><ul><li>dearness allowance,  </li></ul><ul><li>...
&quot;employee&quot;  <ul><li>&quot;employee&quot; means  any person  who is  employed for wages   </li></ul><ul><li>in an...
5. Employees Provident Funds Scheme ADMINISTRATION <ul><li>The Central Government may, by notification in the Official Gaz...
5. Employees Provident Funds Scheme ADMINISTRATION <ul><li>Non Exempted establishment </li></ul><ul><li>The establishment ...
5. Employees Provident Funds Scheme <ul><li>How does the fund benefit the employees? </li></ul><ul><li>(i)  Retirement </l...
5. Employees Provident Funds Scheme Rate of Contribution <ul><li>How does the fund work? </li></ul><ul><li>employees and e...
5. Employees Provident Funds Scheme <ul><li>Employees' Provident Fund  Interest rate </li></ul><ul><li>The rate of interes...
5. Employees Provident Funds Scheme <ul><li>How to get the money? </li></ul><ul><li>Member can withdraw the full amount  o...
5. Employees Provident Funds Scheme Non refundable withdrawal for the following reasons a) Purchase of Dwelling site.     ...
Conditions for withdrawal 1.   Purchase of site       for construction      of House. Minimum 5 yrs. of membership of the ...
Conditions for withdrawal 2.    Construction of       House Minimum 5 yrs. of membership of the Fund (Min. Balance in memb...
Conditions for withdrawal 3) Purchase of      dwelling Flat /      House. Minimum 5 yrs. of membership of the Fund (Min. B...
Conditions for withdrawal 4)Additions,     Alterations or     Improvements to     the dwelling flat /     house. 5 yrs. fr...
Conditions for withdrawal 5) Advance from the      fund for      repayment of loan. Minimum 10 yrs. Membership of the fund...
Conditions for withdrawal 6) Advance from the      fund for illness viz.      Hospitalisation for      more than a      mo...
Conditions for withdrawal 7) Advance from the      fund for marriage      of Self  / Son /     Daughter / Sister /     Bro...
Conditions for withdrawal 8) Advance from the      fund for education      of Son / daughter 7 yrs. membership of the fund...
Conditions for withdrawal 9) Grant of advance      in abnormal      condition. Natural      calamities etc. 1) Certificate...
EMPLOYEE'S DEPOSIT-LINKED INSURANCE SCHEME 1976  APPLICABILITY     : It is applicable to all establishments wherein the EP...
EMPLOYEE'S DEPOSIT-LINKED INSURANCE SCHEME 1976  CONTRIBUTIONS : Where the monthly pay exceeds Rs 6500/-, the total       ...
Insurance benefit payable to whom?  To the person nominated to receive PF amount In the absence of nomination- to all fami...
Insurance benefit payable to whom?         (3)  In any case to which the provisions of sub-paragraphs 1 and 2 do not apply...
6A. Employees' Pension Scheme CONTRIBUTION   <ul><li>out  of employer's share of Provident Fund  contributions(10 OR 12 % ...
Pension Benefits Superannuation  pension if retires on attaining the age of 58 years after rendering at least 20 years of ...
Monthly reduced pension <ul><li>Monthly reduced pension  before attaining the age of 58 years but after completing 50 year...
Permanent and total disablement pension <ul><li>In case of permanent total disablement during the service </li></ul><ul><l...
Commutation of pension Member has the option to commute upto 1/3 of the pension  To receive  hundred times of the monthly ...
13. Option for return of capital A member may opt to draw a lesser pension  and avail return of capital under any of the f...
13. Option for return of capital <ul><li>Scheme 2 </li></ul><ul><li>Revised pension during life time of member   </li></ul...
13. Option for return of capital Scheme 3. Pension for a fixed period of 20 years notwithstanding whether the member lives...
16. Pension to family members on the death of a member <ul><li>Pension to the family members is allowed if  </li></ul><ul>...
Monthly Widow’s Pension <ul><li>Where the member dies by leaving behind a widow </li></ul><ul><li>She will receive pension...
Monthly children’s pension <ul><li>If there are surviving children falling within the definition of  family  </li></ul><ul...
Monthly orphan pension <ul><li>If a member dies leaving behind eligible children with out a widow or </li></ul><ul><li>If ...
Nominee’s pension <ul><li>Member  not married or nor having living spouse or eligible children </li></ul><ul><li>May nomin...
Pension to parents <ul><li>No spouse, no children no nominee </li></ul><ul><li>In such case amount equal to widow pension ...
10. Protection against attachment   <ul><li>shall  not be liable to attachment  under any decree or order of any Court  </...
11. Priority of payment of contributions over other debts   <ul><li>Where any employer is adjudicated insolvent or,  </li>...
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6554103 Pf Act

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Transcript of "6554103 Pf Act"

  1. 1. Employees' Provident Funds and Miscellaneous Provisions Act, 1952. <ul><li>It extends to the whole of India except the State of Jammu and Kashmir </li></ul><ul><li>it applies </li></ul><ul><li>  (a) to a factory engaged in any industry specified in Schedule I and in which twenty or more persons are employed, and </li></ul><ul><li>(b) to any other establishment employing twenty or more persons or class of such establishments which the Central  Government may, by notification in the Official Gazette, specify in this behalf: </li></ul><ul><li>Central Government may,apply this Act to any establishments employing less than 20 persons by giving two months notice </li></ul><ul><li>In other cases if the employer and the majority of employees have agreed that the provisions of this Act should be made applicable The Central PF Commissioner may do so my notification in official gazette </li></ul><ul><li>Once applied it will continue even if the number of employees gets reduced at a later date. </li></ul><ul><li>(persons employed in all branches and departments should be taken into account to compute the twenty persons) </li></ul>
  2. 2. Appropriate government <ul><li>in relation to an establishment belonging to, or under the control of, the Central Government or in relation to an establishment connected with a railway company, a major port, a mine or an oilfield or a controlled industry,or in relation to an establishment having departments or branches in more than one State, the Central Government </li></ul><ul><li>to any other establishment , the State Government </li></ul><ul><li>controlled industry &quot; means any industry the control of which by the Union government has been declared by a Central Act to be expedient in the public interest </li></ul>
  3. 3. Pay <ul><li>'Pay' includes </li></ul><ul><li>basic wages with </li></ul><ul><li>dearness allowance, </li></ul><ul><li>retaining allowance, (if any) and </li></ul><ul><li>cash value of food concessions admissible thereon </li></ul>
  4. 4. &quot;employee&quot; <ul><li>&quot;employee&quot; means any person who is employed for wages </li></ul><ul><li>in any kind of work , manual or otherwise, </li></ul><ul><li>in or in connection with the work of an establishment, and </li></ul><ul><li>who gets his wages directly or indirectly from the employer , and includes any person </li></ul><ul><li>(i) employed by or through a contractor in or in connection with the work of the establishment; </li></ul><ul><li>  (ii) engaged as an apprentice , not being an apprentice engaged under the Apprentices Act, 1961, or under the standing  orders of the establishment </li></ul><ul><li>Drawing pay less than Rs.6500/- per month . </li></ul><ul><li>Persons drawing a higher salary may join with the prior consent of the employer </li></ul><ul><li>Doe it cover managerial staff? </li></ul>
  5. 5. 5. Employees Provident Funds Scheme ADMINISTRATION <ul><li>The Central Government may, by notification in the Official Gazette, frame a Scheme to be called the Employees' Provident Funds Scheme </li></ul><ul><li>It shall be administered  by, the Central Board constituted under section 5A </li></ul><ul><li>The Board shall have a Chairman and Vice Chairman appointed by the Central government </li></ul><ul><li>The Central PF Commissioner-Ex officio </li></ul><ul><li>Upto five government officials appointed by central government </li></ul><ul><li>Upto fifteen persons to represent the states appointed by the government </li></ul><ul><li>Upto ten persons representing employers appointed by Central government after consultation with employers associations </li></ul><ul><li>Up to ten person representing employees appointed by the Central government after consultation with employees associations. </li></ul><ul><li>5AA. Executive Committee –by drawing members from Central Board </li></ul><ul><li>5B. State Board – Constituted by the Central government in consultation with the state government. </li></ul>
  6. 6. 5. Employees Provident Funds Scheme ADMINISTRATION <ul><li>Non Exempted establishment </li></ul><ul><li>The establishment to whom the Employees ' Provident Fund and       Miscellaneous Provisions Act 1952, is made applicable and compliance in respect of their employees are made with the Regional Provident Fund Commissioner, Set-up in respective region, and the returns, claims for settlements, applications for withdrawals are processed through the office of the regional Provident Fund Commissioner Exempted </li></ul><ul><li>Exempted establishment </li></ul><ul><li>Employer forms his own fund and obtains exemption from the PF commissioner </li></ul><ul><li>Forms his own trust, makes his own investment decision as per norms </li></ul><ul><li>Settles the claims at his level </li></ul>
  7. 7. 5. Employees Provident Funds Scheme <ul><li>How does the fund benefit the employees? </li></ul><ul><li>(i) Retirement </li></ul><ul><li>(ii) Medical Care </li></ul><ul><li>(iii) Housing </li></ul><ul><li>(iv) Family obligation </li></ul><ul><li>(v) Education of Children </li></ul><ul><li>(vi) Financing of Insurance Polices </li></ul>
  8. 8. 5. Employees Provident Funds Scheme Rate of Contribution <ul><li>How does the fund work? </li></ul><ul><li>employees and employer contribute at the rate of 12% of the pay every month </li></ul><ul><li>The rate of contribution is 10% of the pay in the case of following establishments : </li></ul><ul><li>Any establishment covered prior to 22.9.97 with less then 20 employees , </li></ul><ul><li>Any sick industrial company as defined in clause (O) of Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and which has been declared as such by the Board for Industrial and Financial Reconstruction, </li></ul><ul><li>Any establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth and </li></ul><ul><li>Any establishment engaged in manufacturing of  (a) jute  (b) Breed  (d) coir  and  (e)  Guar gum Industries . </li></ul>
  9. 9. 5. Employees Provident Funds Scheme <ul><li>Employees' Provident Fund Interest rate </li></ul><ul><li>The rate of interest is fixed by the Central Government in consultation with the Central Board of trustees, Employees' Provident Fund every year during March/April. </li></ul><ul><li>The interest is credited to the members account on monthly running balance with effect from the last day in each year. </li></ul><ul><li>What is the present rate of interest on PF? </li></ul>
  10. 10. 5. Employees Provident Funds Scheme <ul><li>How to get the money? </li></ul><ul><li>Member can withdraw the full amount on </li></ul><ul><li>Superannuation </li></ul><ul><li>retirement after 55 years of age </li></ul><ul><li>Termination of service on attaining the age of 55 years </li></ul><ul><li>Retired due to disablement ( no minimum service) </li></ul><ul><li>Migration to settle abroad permanently ( no minimum service) </li></ul><ul><li>Retrenchment ( no minimum service) </li></ul><ul><li>Where the establishment is transferred to another establishment which is not covered under the Act ( no minimum service) </li></ul><ul><li>Discharge/dismissal (conditionally) ( no minimum service) </li></ul>
  11. 11. 5. Employees Provident Funds Scheme Non refundable withdrawal for the following reasons a) Purchase of Dwelling site.         b)   Purchase of Dwelling House/Flat.         c)   Construction of a house.         d)   Repayment of Housing Loan to State Government Housing Board or               any other Government recognized Housing Finance Body.         e)   Illness viz. Hospitalization for more than a month major surgical               operations or suffering from T.B., leprosy, paralysis, cancer, heart               ailment etc.         f)   Marriage of Self/Son/Daughter/Sister/Brother.         g)   Post Matriculation Education of Son/Daughter.         h)   Damage to the property due to Natural Calamity (Flood/Earth               Quake).
  12. 12. Conditions for withdrawal 1.   Purchase of site      for construction      of House. Minimum 5 yrs. of membership of the Fund (Min. Balance in member's a/c should be Rs. 1000/-) 24 Months wages (Basic + D.A.) or Member's own share of contr. with interest thereon, whichever is less. 1.  Certified true copy of Allotment      Order (In case the purchase is      through an agency) 2.  Certified true copy of Title - Deed,      if purchase is from an individual. 3.  Certified true copy of the      Registered Agreement with the      Seller.
  13. 13. Conditions for withdrawal 2.   Construction of      House Minimum 5 yrs. of membership of the Fund (Min. Balance in member's a/c should be Rs. 1000/-) 36 Months wages (Basic + D.A.) or Member's own share of contr. with interest thereon, whichever is less. Same as per item (1) Certified true copy of the plan approved by the Collector's Office or Muncipal Corporation or the local body as the case may be.
  14. 14. Conditions for withdrawal 3) Purchase of     dwelling Flat /     House. Minimum 5 yrs. of membership of the Fund (Min. Balance in member's a/c should be Rs. 1000/-) 36 Months wages (Basic + D.A.) or Member's own share of contr. with interest thereon, whichever is less. 1) Certified true copy of Allotment     Order(if purchase is through     agency) 2) Certified true copy of the      agreement with Seller, duty      registered under the Indian      Registration Act. 1908 3)  Non-encumbrance Certificate      from the Solicitor 4)  Undertaking from the member for      not selling/transferring /       mortgaging the property for next       5 yrs. 5)  Valuation certificate from       architect. 6)  Letter of expected date of      completion of Building. 7)  Receipt of advance payment      towards flat. 8)  If purchase is in a co-op Hsg      society, then Registration No. of      the Society. 9)  Commencement certificate in       case of a new construction.
  15. 15. Conditions for withdrawal 4)Additions,     Alterations or    Improvements to     the dwelling flat /     house. 5 yrs. from the date of completion of dwelling flat/ house. 12 months basic + DA or members qwn share of contribution  with interest thereon, whichever is less. 1) Title of flat/house 2) No objection letter from      Municipal Corporation/Society. 3)  Architect letter stating the      approximate cost.
  16. 16. Conditions for withdrawal 5) Advance from the     fund for      repayment of loan. Minimum 10 yrs. Membership of the fund and member should have taken loan from a Govt body. 36 months wages (Basic + DA) or Member's own share of contr. + Co's share of contr. with interest thereon, whichever is less. A certificate from the Govt. lending authority furnishing the details of loan and outstanding amount.
  17. 17. Conditions for withdrawal 6) Advance from the     fund for illness viz.     Hospitalisation for     more than a      month, major      surgical        operation or    suffering from     T.B.,Leprosy,     Paralysis, Cancer,     Heart Ailment etc. Stay in hospital at least for a month. 6 months wages (Basic + DA) A certificate from the Medical Practitioner for hospitalisation or operation.
  18. 18. Conditions for withdrawal 7) Advance from the     fund for marriage     of Self  / Son /    Daughter / Sister /    Brother etc. 7 yrs. membership of the fund and min. balance in member's a/c should be Rs. 1000/- 50% of member's own share of contribution (Max. number of times advance allowed : 3) Marriage invitation card
  19. 19. Conditions for withdrawal 8) Advance from the     fund for education     of Son / daughter 7 yrs. membership of the fund and min. balance in member's a/c should be Rs. 1000/- 50% of member's own share of contribution (Max. number of times advance allowed : 3) Certificate from the Institution regarding the course of study and anticipated expenditure.
  20. 20. Conditions for withdrawal 9) Grant of advance     in abnormal     condition. Natural     calamities etc. 1) Certificate of damage     from appropriate     authority 2) State Govt. declaration. Rs 5000/- or 50% of member's own share of cont. (To apply within 4 months) Certificate from the Appropriate Authority.
  21. 21. EMPLOYEE'S DEPOSIT-LINKED INSURANCE SCHEME 1976 APPLICABILITY     : It is applicable to all establishments wherein the EPF and Misc. Provisions. Act, 1952 is applicable.                                  ELIGIBILITY  : All the employees contributing towards EPF Scheme are eligible.                                     CONTRIBUTION    : The contribution payable only by the employer is 0.50 of pay (Basic + D.A. + Retaining Allowance if any).                                      
  22. 22. EMPLOYEE'S DEPOSIT-LINKED INSURANCE SCHEME 1976 CONTRIBUTIONS : Where the monthly pay exceeds Rs 6500/-, the total                                     contribution payable by the employer it shall be limited to                                     salary Rs. 6500/- only. BENEFITS: In the event of death while in service of the member , the nominees of the deceased shall in addition to PF/EPS accumulation, be paid on amount equal to the average balance in the fund, during the preceding one year, not exceeding Rs.   60,000/- (w.e.f. 01.06.2000) subject to the average   balance (both shares and interest) in the account of the   deceased not below Rs. 500/- during the preceding one    year or during the period of his membership, whichever    is less.                                    
  23. 23. Insurance benefit payable to whom? To the person nominated to receive PF amount In the absence of nomination- to all family members in equal share. no share shall be payable to –            (a)       sons who have attained majority; (b)       sons of a deceased son who have attained majority; (c)       married daughters whose husbands are alive; (d)       married daughters of a deceased son whose husbands are alive;       if there is any member of the family other than those specified in clauses (a), (b), (c) and (d):             Provided further that the widow or widows, and the child or children of a deceased son shall receive between them in equal parts only the share which that son would have received if he had survived the employee and had not attained the age of majority at the time of his death.      
  24. 24. Insurance benefit payable to whom?       (3)  In any case to which the provisions of sub-paragraphs 1 and 2 do not apply the whole amount shall be payable to the person legally entitled to it.       (4)  If a person  who is eligible to receive assurance Scheme benefit of the deceased member in terms of sub-paragraph 1,2 or 3 is charged with the offence of murdering the member or for abetting in the commission of such  an offence , his claim to receive assurance benefit shall remain suspended till the conclusion of the criminal proceedings instituted against him.  If on the  conclusion of the criminal proceedings, the person concerned is : - (a)        convicted for the murder or abetting the murder of the member, he shall be debarred from receiving his share of deposit linked assurance benefit which shall be payable to other eligible members of any of the family; or (b)        acquitted of the charge of murdering or abetting in the murder of the member, his share shall be payable to him.
  25. 25. 6A. Employees' Pension Scheme CONTRIBUTION <ul><li>out  of employer's share of Provident Fund contributions(10 OR 12 % as the case may be) </li></ul><ul><li>8.33% of the total pay limited to Rs. 6500/- per month is segregated and credited to the Employees' Pension Fund </li></ul><ul><li>  The Central Government would contribute at the rate of 1.16 % of total wages. </li></ul>
  26. 26. Pension Benefits Superannuation pension if retires on attaining the age of 58 years after rendering at least 20 years of service Retirement pension for exit before 58 years of age after rendering 20 years of service Short service pension for at least 10 years service but less than 20 years service Formula Pensionable salary X pensonable service --------------------------------------------------- 70
  27. 27. Monthly reduced pension <ul><li>Monthly reduced pension before attaining the age of 58 years but after completing 50 years of age </li></ul><ul><li>The amount of pension shall be reduced at the rate of 3% for every year the age falls short of 58 years . </li></ul><ul><li>If the member had to leave service for any reason before superannuation he may accept reduced pension if he is eligible or </li></ul><ul><li>Be issued a certificate of pensionable service </li></ul><ul><li>If he is employed subsequently his earlier service as per the certificate shall be taken account for pension along with the new pensionable service </li></ul><ul><li>If not employed subsequently and dies before 58 years the amount of contributions in account shall be converted into monthly widow/children/ orphan pension </li></ul><ul><li>Member who has not rendered adequate service to qualify for pension is eligible to withdrawal benefit as prescribed in the scheme </li></ul>
  28. 28. Permanent and total disablement pension <ul><li>In case of permanent total disablement during the service </li></ul><ul><li>If member has made at least one month’s contribution </li></ul><ul><li>Eligible for monthly member’s pension </li></ul><ul><li>Subject to a minimum of Rs.250 rupees per month </li></ul><ul><li>This will be continued till the death. </li></ul><ul><li>No minimum service required </li></ul>
  29. 29. Commutation of pension Member has the option to commute upto 1/3 of the pension To receive hundred times of the monthly pension so commuted as commuted value of pension. Example Normal pension is Rs.600 Commuted 1/3 1/3X600X100= Rs.20000 payable at the time of exercising the option Balance of pension payable every month is Rs.400
  30. 30. 13. Option for return of capital A member may opt to draw a lesser pension and avail return of capital under any of the following three schemes Scheme 1 . Revised pension during life time of member with return of capital on his death Rate of pension : 90% of original monthly pension Return of capital : 100 times of the original monthly pension on death of member to the nominee
  31. 31. 13. Option for return of capital <ul><li>Scheme 2 </li></ul><ul><li>Revised pension during life time of member </li></ul><ul><li>further reduced pension during life time of the widow or till her remarriage , whichever is earlier and </li></ul><ul><li>return of capital on widow’s death/remarriage . </li></ul><ul><li>To the nominee </li></ul><ul><li>Rate of Pension : </li></ul><ul><li>90% of original monthly pension to the member . </li></ul><ul><li>On his death 80% of the original monthly pension to the widow </li></ul><ul><li>Return of capital: </li></ul><ul><li>90 times the original monthly pension on the death of widow/remarriage </li></ul><ul><li>to the nominee. </li></ul>
  32. 32. 13. Option for return of capital Scheme 3. Pension for a fixed period of 20 years notwithstanding whether the member lives for that period or not Rate of pension : 87.5 of the original monthly pension for a fixed period of 20 years. The pension will cease thereafter Return of capital : 100 times the original monthly pension at the end of 20 years from the date of commencement of pension to the member if he is alive otherwise to his nominee . Options shall be exercised at the time of making application to the pension.
  33. 33. 16. Pension to family members on the death of a member <ul><li>Pension to the family members is allowed if </li></ul><ul><li>a member dies while in service and atleast one month’s contribution has been paid or </li></ul><ul><li>A member exits from service dies before attaining the age of 58 years but after rendering pensionable service (before pension payment commences) </li></ul><ul><li>After commencement of payment of monthly member's pension. </li></ul>
  34. 34. Monthly Widow’s Pension <ul><li>Where the member dies by leaving behind a widow </li></ul><ul><li>She will receive pension equal to members eligible pension </li></ul><ul><li>It is payable up to the date of death of the widow or till remarriage whichever is earlier. </li></ul><ul><li>If there are more than one widow it is payable to the eldest surviving widow. </li></ul><ul><li>On her death it shall be payable to the next surviving widow </li></ul><ul><li>Eldest means seniority with reference to the date of marriage. </li></ul>
  35. 35. Monthly children’s pension <ul><li>If there are surviving children falling within the definition of family </li></ul><ul><li>They would be entitled to monthly children pension in addition to the monthly widow /widower pension </li></ul><ul><li>It shall be equal to 25 percent of the widow pension subject to a minimum of Rs.150/- </li></ul><ul><li>It is payable till the child attains the age of 25 years </li></ul><ul><li>Admissible to maximum of two children run from the oldest to the youngest child in that order </li></ul><ul><li>( In addition to this dependent disabled children if any will receive children/orphan pension for the entire life) </li></ul>
  36. 36. Monthly orphan pension <ul><li>If a member dies leaving behind eligible children with out a widow or </li></ul><ul><li>If the widow dies/remarries </li></ul><ul><li>children are entitled to monthly orphan pension equal to 75 percent of the widow pension subject to a minimum of Rs.250 per month per child </li></ul><ul><li>Available up to two children at a time run from oldest to youngest. </li></ul>
  37. 37. Nominee’s pension <ul><li>Member not married or nor having living spouse or eligible children </li></ul><ul><li>May nominate a person to receive benefits but on acquiring the family such nomination becomes void </li></ul><ul><li>In the event of death of the member without family such nominee shall be entitled to receive a monthly pension equal to the monthly widow pension </li></ul>
  38. 38. Pension to parents <ul><li>No spouse, no children no nominee </li></ul><ul><li>In such case amount equal to widow pension shall be payable to </li></ul><ul><li>Either dependent father or dependant mother </li></ul><ul><li>On the death of pension receiving parent the surviving parent shall receive the pension for life </li></ul><ul><li>( when the member has not completed pensionable service the widow, children, nominee, parent is entitled to return of capital ) </li></ul>
  39. 39. 10. Protection against attachment <ul><li>shall not be liable to attachment under any decree or order of any Court </li></ul><ul><li>No official assignee appointed under the Presidency Towns Insolvency Act, 1909 , nor any receiver appointed under the Provincial Insolvency Act, 1920, shall be entitled to, or have any claim on, any such amount </li></ul><ul><li>these provisions are applicable to all the three schemes under the PF Act </li></ul>
  40. 40. 11. Priority of payment of contributions over other debts <ul><li>Where any employer is adjudicated insolvent or, </li></ul><ul><li>being a company, an order for winding up is made, </li></ul><ul><li>the amount due from the employer under PF Act </li></ul><ul><li>are to be paid in priority to all other debts in the distribution of the property of the insolvent or </li></ul><ul><li>the assets of the company being wound up, as the case may be </li></ul><ul><li>Employer should not reduce wages of an employee to pay any benefit/contribution under this Act. </li></ul>
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