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The Employee’s Provident Fund Act
1952
Sanvels Consulting Services I Pvt. Ltd.

1
The Employee’s Provident Fund Act 1952
• The Employee’s Provident Funds Act 1952
• Employer role & responsibility
• Employee role & responsibility
• The Employees Pension Scheme 1995
• The Employees Deposit-Linked Insurance Scheme (EDLI) 1976
• List of Forms

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2
Introduction
Salary consists of two parts i.e. earnings & deductions
Provident Fund is one of the statutory deduction done by
the employer at the time of salary payment
Provident Fund is governed by the Employee’s Provident
Fund Act 1952

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3
The Employee’s Provident Fund Act 1952
Introduction
• Provident Fund has come into force to give better future to
employees on their retirement & his dependants in case of his
death during employment
• The Employees Provident Funds Act 1952 is compulsory
contributory fund for the future of an employee after retirement
or for his dependents in case of his early death
• Act is applicable to all states of India except Jammu and Kashmir

Application
• Every industry employing 10 or more persons (180 industries are
specified in Schedule 1 of the Act)
• Every industry employing 10 or more persons which the Central
Govt. may notify
• Any other establishment notified by the Central Government even
if employing less than 10 persons
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The Employee’s Provident Fund Act 1952
Eligibility & Entitlement
• Every employee employed directly / through a contractor who is in
receipt of wages are eligible to become a member of the fund
(exception - Apprentice under the Apprentices Act and casual
laborers)
• Irrespective of permanent / probationary employees, all employees
are eligible for joining the PF scheme from the date of joining the
service
• Minimum 10% of the basic pay for establishments employed less
than 10 persons; sick industries declared by necessary authority;
Jute, Beedi , Brick, Coir & Guar Gum Industries / Factories
• Other industries maximum 12% of the basic pay
• A member can contribute voluntarily more than statutorily
prescribed rate (upto 100% of basic salary) which will be transferred
to his PF A/c
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The Employee’s Provident Fund Act 1952
Calculation
• 12% contribution by the employee is directly transferred to his
Provident Fund A/c
• 12% is contributed by the employer out of which 8.33% is credited
to Employee Pension Fund and the balance 3.67% is transferred to
PF A/c of the employee
• 1.10% Administration charges on total wages are payable by the
employer
• 0.50% EDLI calculated on total EDLI slab (Rs. 6500) wages and
payable by the employer towards EDLI fund
• 0.01% EDLI Administration charges calculated on total EDLI slab
wages are payable by the employer

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The Employee’s Provident Fund Act 1952

Benefits
• Employees can take advances / withdraw the PF in case of
retirement, medical care, housing, family obligation, education of
children & financing of life Insurance Polices
• Upto 90% of the PF amount can be withdrawn at the age of 54
years or before one year of actual retirement
• PF amount of the deceased member is payable to nominees / legal
heirs
• Immediate income tax exemption under Sec 80C of IT Act
• Equal contribution by the employer
• Interest rate is usually higher than the prevailing market rate
(present interest rate @ 8.5%)
• PF A/c can be transferred if any member changes from one
establishment to other where the PF Scheme is applicable
• Totally tax free returns
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The Employee’s Provident Fund Act 1952
Interest
• Interest is credited to the members PF A/c on monthly running
balance
• Interest rate is fixed by the Central Government in consultation
with the Central Board of trustees of EEPF every year during March
/ April
• The present rate of interest is 8.5%
Nomination
• The member can nominate other person / persons to receive the
Fund amount in the event of his death
• The nomination details provided by the members are maintained
at the Regional Provident Fund Office for use in the event of death
of the member
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The Employee’s Provident Fund Act 1952
Annual Statement of Account
• After the close of each year of contribution, annual statement of
account will be sent to each member through establishment
where the member was last employed
• The annual statement of fund account will show the opening
balance at the beginning of the year, contributions during the
year, the amount of interest credited at the end of the period and
the closing balance at the end of the year
• If any error is noticed in the annual statement, the member shall
bring the same to the notice of the PF Office through employer
within 6 months from the date of receipt of the statement

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The Employee’s Provident Fund Act 1952
Full Settlement
• PF A/c settled immediately under the circumstances;
– Retirement after 58 years
– Retirement on account of permanent incapacity
– Termination of service on retrenchment
– Voluntary Retirement Scheme (VRS)
– Permanent migration from India to settle abroad / taking
employment
– For female members leaving service for getting married
• PF A/c settled after two months under the circumstances;
– Resignation from the services

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The Employee’s Provident Fund Act 1952
Advances / Withdrawals
• Purchase of site for construction of house / construction of House
/ purchase of flat
• Additions / alterations / improvements to the house
• Repayment of loan
• Hospitalisation for more than a month / major surgical operation
/ suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment etc
• Marriage of self / son / daughter / sister / brother
• Education of son / daughter
• Abnormal conditions like natural calamities
• Physically handicapped member for purchasing an equipment to
minimize the hardship due to handicap

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The Employee’s Provident Fund Act 1952

Employer Role & Responsibility

12
The Employee’s Provident Fund Act 1952
Monthly Returns
• Filing monthly PF returns with the EPFO within 15 days of the
close of each month
• Provide list of new employees joined in the establishment during
the preceding month & are qualified to become member in fund
(Form-5)
• Provide list of employees leaving service during the preceding
month (Form-10)
• Employer should file 'Nil' returns if there is no new employee or
no employee leaving the service during the preceding month
• Provide the total no. of members last month, new members
joined and existing members resigned in the preceding month &
total no. of present subscribers to be fund
(Form-12A)

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The Employee’s Provident Fund Act 1952
Annual Returns
• Employer shall send to the Commissioner within one month of the
close of the year, a consolidated Annual Contribution Statement
(Form-6A) and individual employee sheet (Form-3A) showing the
contributions made by the employees and employer during the
year
Penalty
• 12–37% interest is payable for the delayed period in remitting
contributions/ administrative charges depending upon the delayed
period
Exemption
• Employer can seek exemption from the Scheme if similar / better
benefits are provided other than the Scheme by forming a
Voluntary PF Trust which will work under the rules & regulations of
EPFO

14
The Employee’s Provident Fund Act 1952

Employee Role & Responsibility

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15
The Employee’s Provident Fund Act 1952
• Provide details of self & nominees (Form-2) for PF & Pension
Scheme at the time of joining the establishment
• In case of already having PF A/c, apply for transfer of previous A/c
to the present A/c
• If willing to increase contribution, inform the same to the employer
to deduct the amount from the salary
(Voluntary
Provident Fund).
• Voluntary PF can be upto 100% of wages
• Understand that the employer is not liable to pay any contribution
on voluntary PF
• Periodically verify the details maintained by the employer
• Don't allow employer to deduct his share of contribution/
administrative charges payable by him from the wages
• Understand that Employees' Provident Fund Organization does not
have any agent / middlemen
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The Employees Pension Scheme 1995

Employees Pension Scheme 1995

17
The Employees Pension Scheme 1995
Introduction
• To give long term protection / financial security to employee upon
retirement and his family in case of his pre-mature death, family
pension scheme has come into force by diverting 8.33% contribution
made by employer towards PF scheme
Application
• Scheme is compulsory for all the existing members who become
members of the Employees Provident Fund Scheme
Eligible
• Monthly pension to employees on retirement
• Widows on death of the member
• Children of the member below 25 years age
• Monthly pension to members upon permanent total disablement
during service
18
The Employees Deposit-Linked Insurance Scheme 1976 (EDLI)

The Employees Deposit-Linked Insurance
Scheme 1976
(EDLI)

19
The Employees Deposit-Linked Insurance Scheme 1976 (EDLI)
Application
• EDLI scheme is compulsory for all the existing members who
become members of the PF Scheme
• Life insurance benefit (death coverage) of the employee is
available under this scheme while in service
Calculation
• EDLI is calculated on EDLI slab – Rs. 6500/• 0.50% EDLI calculated on total EDLI slab (Rs. 6500) wages and
transferred to EDLI fund
• 0.01% Administration charges calculated on total EDLI wages
• EDLI / administration charges are payable by the employer

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20
The Employees Deposit-Linked Insurance Scheme 1976 (EDLI)
Eligible
• Person who is eligible to receive PF dues of deceased member
who died while in service is only eligible to receive EDLI fund

Exemption
• Employer can seek exemption from the Scheme if similar / better
benefits are provided other than the Scheme with the consent of
majority of employees
(Ex: IJM opted LIC as it is giving death coverage of Rs. 1,60,000/under EDLI instead of Rs. 60,000/- given by EPFO)

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List of Forms

List of Forms

22
List of Forms
Forms For Claiming Benefits Under PF Scheme

Form

Purpose

13
(revised)

For transferring the PF A/c of a member from one establishment to
another establishment covered under the Act / Scheme

14

Application for financing a life insurance policy out of PF A/c

19

To be submitted by a member to withdraw his PF dues on leaving
service / retirement / termination

20

In the event of death of member, this form is to be used by a
nominee / family member to claim the member's PF accumulation

31

To be used by PF members to avail advances / withdrawals as
provided in the scheme
23
List of Forms
Forms For Claiming Benefits Under Pension Scheme
Form

Purpose

10 C

For claiming :
- Refund of Employer share
- Withdrawal benefit
- Scheme certificate for retention of membership

10 D

To be submitted by the first claimant i.e.
- member
- widow / widower
- nominee

24
List of Forms
Forms For Claiming Benefits Under EDLI Scheme
Form

Purpose

5 (I.F.)

To be submitted by the person eligible to receive the PF A/c dues of
the deceased member who died while in services

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25
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Employees provident fund act 1952

  • 1. The Employee’s Provident Fund Act 1952 Sanvels Consulting Services I Pvt. Ltd. 1
  • 2. The Employee’s Provident Fund Act 1952 • The Employee’s Provident Funds Act 1952 • Employer role & responsibility • Employee role & responsibility • The Employees Pension Scheme 1995 • The Employees Deposit-Linked Insurance Scheme (EDLI) 1976 • List of Forms www.sanvelsinfo.com 2
  • 3. Introduction Salary consists of two parts i.e. earnings & deductions Provident Fund is one of the statutory deduction done by the employer at the time of salary payment Provident Fund is governed by the Employee’s Provident Fund Act 1952 www.sanvelsinfo.com 3
  • 4. The Employee’s Provident Fund Act 1952 Introduction • Provident Fund has come into force to give better future to employees on their retirement & his dependants in case of his death during employment • The Employees Provident Funds Act 1952 is compulsory contributory fund for the future of an employee after retirement or for his dependents in case of his early death • Act is applicable to all states of India except Jammu and Kashmir Application • Every industry employing 10 or more persons (180 industries are specified in Schedule 1 of the Act) • Every industry employing 10 or more persons which the Central Govt. may notify • Any other establishment notified by the Central Government even if employing less than 10 persons www.sanvelsinfo.com 4
  • 5. The Employee’s Provident Fund Act 1952 Eligibility & Entitlement • Every employee employed directly / through a contractor who is in receipt of wages are eligible to become a member of the fund (exception - Apprentice under the Apprentices Act and casual laborers) • Irrespective of permanent / probationary employees, all employees are eligible for joining the PF scheme from the date of joining the service • Minimum 10% of the basic pay for establishments employed less than 10 persons; sick industries declared by necessary authority; Jute, Beedi , Brick, Coir & Guar Gum Industries / Factories • Other industries maximum 12% of the basic pay • A member can contribute voluntarily more than statutorily prescribed rate (upto 100% of basic salary) which will be transferred to his PF A/c www.sanvelsinfo.com 5
  • 6. The Employee’s Provident Fund Act 1952 Calculation • 12% contribution by the employee is directly transferred to his Provident Fund A/c • 12% is contributed by the employer out of which 8.33% is credited to Employee Pension Fund and the balance 3.67% is transferred to PF A/c of the employee • 1.10% Administration charges on total wages are payable by the employer • 0.50% EDLI calculated on total EDLI slab (Rs. 6500) wages and payable by the employer towards EDLI fund • 0.01% EDLI Administration charges calculated on total EDLI slab wages are payable by the employer www.sanvelsinfo.com 6
  • 7. The Employee’s Provident Fund Act 1952 Benefits • Employees can take advances / withdraw the PF in case of retirement, medical care, housing, family obligation, education of children & financing of life Insurance Polices • Upto 90% of the PF amount can be withdrawn at the age of 54 years or before one year of actual retirement • PF amount of the deceased member is payable to nominees / legal heirs • Immediate income tax exemption under Sec 80C of IT Act • Equal contribution by the employer • Interest rate is usually higher than the prevailing market rate (present interest rate @ 8.5%) • PF A/c can be transferred if any member changes from one establishment to other where the PF Scheme is applicable • Totally tax free returns www.sanvelsinfo.com 7
  • 8. The Employee’s Provident Fund Act 1952 Interest • Interest is credited to the members PF A/c on monthly running balance • Interest rate is fixed by the Central Government in consultation with the Central Board of trustees of EEPF every year during March / April • The present rate of interest is 8.5% Nomination • The member can nominate other person / persons to receive the Fund amount in the event of his death • The nomination details provided by the members are maintained at the Regional Provident Fund Office for use in the event of death of the member www.sanvelsinfo.com 8
  • 9. The Employee’s Provident Fund Act 1952 Annual Statement of Account • After the close of each year of contribution, annual statement of account will be sent to each member through establishment where the member was last employed • The annual statement of fund account will show the opening balance at the beginning of the year, contributions during the year, the amount of interest credited at the end of the period and the closing balance at the end of the year • If any error is noticed in the annual statement, the member shall bring the same to the notice of the PF Office through employer within 6 months from the date of receipt of the statement www.sanvelsinfo.com 9
  • 10. The Employee’s Provident Fund Act 1952 Full Settlement • PF A/c settled immediately under the circumstances; – Retirement after 58 years – Retirement on account of permanent incapacity – Termination of service on retrenchment – Voluntary Retirement Scheme (VRS) – Permanent migration from India to settle abroad / taking employment – For female members leaving service for getting married • PF A/c settled after two months under the circumstances; – Resignation from the services www.sanvelsinfo.com 10
  • 11. The Employee’s Provident Fund Act 1952 Advances / Withdrawals • Purchase of site for construction of house / construction of House / purchase of flat • Additions / alterations / improvements to the house • Repayment of loan • Hospitalisation for more than a month / major surgical operation / suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment etc • Marriage of self / son / daughter / sister / brother • Education of son / daughter • Abnormal conditions like natural calamities • Physically handicapped member for purchasing an equipment to minimize the hardship due to handicap www.sanvelsinfo.com 11
  • 12. The Employee’s Provident Fund Act 1952 Employer Role & Responsibility 12
  • 13. The Employee’s Provident Fund Act 1952 Monthly Returns • Filing monthly PF returns with the EPFO within 15 days of the close of each month • Provide list of new employees joined in the establishment during the preceding month & are qualified to become member in fund (Form-5) • Provide list of employees leaving service during the preceding month (Form-10) • Employer should file 'Nil' returns if there is no new employee or no employee leaving the service during the preceding month • Provide the total no. of members last month, new members joined and existing members resigned in the preceding month & total no. of present subscribers to be fund (Form-12A) www.sanvelsinfo.com 13
  • 14. The Employee’s Provident Fund Act 1952 Annual Returns • Employer shall send to the Commissioner within one month of the close of the year, a consolidated Annual Contribution Statement (Form-6A) and individual employee sheet (Form-3A) showing the contributions made by the employees and employer during the year Penalty • 12–37% interest is payable for the delayed period in remitting contributions/ administrative charges depending upon the delayed period Exemption • Employer can seek exemption from the Scheme if similar / better benefits are provided other than the Scheme by forming a Voluntary PF Trust which will work under the rules & regulations of EPFO 14
  • 15. The Employee’s Provident Fund Act 1952 Employee Role & Responsibility www.sanvelsinfo.com 15
  • 16. The Employee’s Provident Fund Act 1952 • Provide details of self & nominees (Form-2) for PF & Pension Scheme at the time of joining the establishment • In case of already having PF A/c, apply for transfer of previous A/c to the present A/c • If willing to increase contribution, inform the same to the employer to deduct the amount from the salary (Voluntary Provident Fund). • Voluntary PF can be upto 100% of wages • Understand that the employer is not liable to pay any contribution on voluntary PF • Periodically verify the details maintained by the employer • Don't allow employer to deduct his share of contribution/ administrative charges payable by him from the wages • Understand that Employees' Provident Fund Organization does not have any agent / middlemen www.sanvelsinfo.com 16
  • 17. The Employees Pension Scheme 1995 Employees Pension Scheme 1995 17
  • 18. The Employees Pension Scheme 1995 Introduction • To give long term protection / financial security to employee upon retirement and his family in case of his pre-mature death, family pension scheme has come into force by diverting 8.33% contribution made by employer towards PF scheme Application • Scheme is compulsory for all the existing members who become members of the Employees Provident Fund Scheme Eligible • Monthly pension to employees on retirement • Widows on death of the member • Children of the member below 25 years age • Monthly pension to members upon permanent total disablement during service 18
  • 19. The Employees Deposit-Linked Insurance Scheme 1976 (EDLI) The Employees Deposit-Linked Insurance Scheme 1976 (EDLI) 19
  • 20. The Employees Deposit-Linked Insurance Scheme 1976 (EDLI) Application • EDLI scheme is compulsory for all the existing members who become members of the PF Scheme • Life insurance benefit (death coverage) of the employee is available under this scheme while in service Calculation • EDLI is calculated on EDLI slab – Rs. 6500/• 0.50% EDLI calculated on total EDLI slab (Rs. 6500) wages and transferred to EDLI fund • 0.01% Administration charges calculated on total EDLI wages • EDLI / administration charges are payable by the employer www.sanvelsinfo.com 20
  • 21. The Employees Deposit-Linked Insurance Scheme 1976 (EDLI) Eligible • Person who is eligible to receive PF dues of deceased member who died while in service is only eligible to receive EDLI fund Exemption • Employer can seek exemption from the Scheme if similar / better benefits are provided other than the Scheme with the consent of majority of employees (Ex: IJM opted LIC as it is giving death coverage of Rs. 1,60,000/under EDLI instead of Rs. 60,000/- given by EPFO) www.sanvelsinfo.com 21
  • 22. List of Forms List of Forms 22
  • 23. List of Forms Forms For Claiming Benefits Under PF Scheme Form Purpose 13 (revised) For transferring the PF A/c of a member from one establishment to another establishment covered under the Act / Scheme 14 Application for financing a life insurance policy out of PF A/c 19 To be submitted by a member to withdraw his PF dues on leaving service / retirement / termination 20 In the event of death of member, this form is to be used by a nominee / family member to claim the member's PF accumulation 31 To be used by PF members to avail advances / withdrawals as provided in the scheme 23
  • 24. List of Forms Forms For Claiming Benefits Under Pension Scheme Form Purpose 10 C For claiming : - Refund of Employer share - Withdrawal benefit - Scheme certificate for retention of membership 10 D To be submitted by the first claimant i.e. - member - widow / widower - nominee 24
  • 25. List of Forms Forms For Claiming Benefits Under EDLI Scheme Form Purpose 5 (I.F.) To be submitted by the person eligible to receive the PF A/c dues of the deceased member who died while in services www.sanvelsinfo.com 25
  • 26. Stay Connected with us @ Our Social Site address: Face book Twitter LinkedIn Google+ YouTube Blog Pinterest Tumblr Find the job that fits you in our Jobportal..! 26