Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
This Act applies to wages payable to an employed person in respect of a wage period if such wages for that wage period do not exceed. Six thousand five hundred rupees per month or such other higher sum which, on the basis of figures of the Consumer Expenditure Survey published by the National Sample Survey Organization, the Central Government may after every five years, by notification in the Official Gazette, specify.
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
This Act applies to wages payable to an employed person in respect of a wage period if such wages for that wage period do not exceed. Six thousand five hundred rupees per month or such other higher sum which, on the basis of figures of the Consumer Expenditure Survey published by the National Sample Survey Organization, the Central Government may after every five years, by notification in the Official Gazette, specify.
The Employee Provident fund is deducted from the Employee’s monthly salary. The employer also contributes to the PF fund. From 1st September 2014, the EPFO has revised the basic wage limit on which PF contribution will be done from Rs. 6500 to Rs. 15000. Employers have to revise the PF deductions from September 2014 onward for all employees whose basic salary is less than or equal to Rs. 15000.
Learn about the new guidelines for PF deductions and filing of the monthly returns with EPFO with the record of our training webinar.
Save time and manage your PF activities with minimal efforts using greytHR
Maternity Benefit Act of 1961 is a remarkable legislation providing benefits and security to Woman Employees during their period of Gestation and Motherhood. This presentation by me is a snapshot of the Act
Useful for Law students, MBA- HR students, CS Students, Employees , Employer.
I have also mentioned a list of forms generally used during gratuity.
Every body should be aware of do's and don't. Knowledge of your rights makes you powerful.
Application of the Act
When gratuity is payable
Amount of gratuity payable
Forfeiture of gratuity
Obligations and rights of the employer
Compliance under the Act
reference: http://blog.simplycareer.net/2013/06/gratuityact.html
I have also refereed other sites and text books.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
2.
A PF Act is created with a purpose of providing
financial security and stability to elderly people.
It‟s purpose is to help employees save a fraction of
their salary every month, to be used in an event
that the employee is temporarily or no longer fit to
work or at retirement.
EPFO is one of the largest society security
organization in the world in terms of members and
volume of financial transactions undertaken.
EPFO is a statutory body of the Indian govt. under
labor & employment ministry.
3. Provides that:
The state shall within the limits of its economic
capacity make effective provision for securing
the right to work, to education, and to public
assistance in cases of unemployment, oldage, sickness & disablement and undeserved
want.
5. THE EMPLOYEE‟S PROVIDENT FUND ACT, 1952
INTRODUCTION
ELIGIBILITY
ELIGIBILITY AND ENTITLEMENT
CALCULATION
BENEFITS
INTEREST
NOMINATION
ANNUAL STATEMENT OF ACCOUNTS
FULL SETTLEMENTS
ADVANCES/WITHDRAWALS
EMPLOYER‟S ROLE AND RESPONSIBILITY
i.
MONTHLY RETURNS
ii. ANNUAL RETURNS
iii. PENALITY
iv. EXEMPTION
EMPLOYEE‟S ROLE AND RESPONSIBILITY
6.
EMPLOYEES PENSION SCHEME, 1995
INTRODUCTION
PENSION BENEFITS
ELIGIBILITY
CONTRIBUTION IN EPF & EPS
APPLICATION & FACTS
THE EMPLOYEES DEPOSIT-LINKED INSURANCE SCHEME, 1976 (EDLI)
APPLICATION
CALCULATION
ELIGIBLE
EXEMPTION
LIST OF FORMS
FORMS & CHALLAN DESCRIPTION
8. The employee’s provident funds act 1952
•
•
•
•
•
INTRODUCTION:
Salary consist of two parts i.e. earnings and
deductions
It is one of the statutory deduction done by
the employer at the time of
payment of salary
This act has come into force to give better
future to employees on their retirement or to his
dependents in case of his death during
employment
It is the compulsory contributory fund for
the future of an employee after retirement or
for his dependents in case of early death
This act is applicable to all state except J&K..
** As per the new 2012
rules issued recently, the
EPFO has made
amendments to the way in
which employee and
employer contribution
would be calculated
hereon. For employees, this
amendment is particularly
important as it impacts
his/her take home salary
and income tax liability as
well.
A quick look at the
amendments: Change in
Salary definition:Previously the term 'Salary'
for computing EPF
contribution included basic
DA. AS per new
rules, 'SALARY' will
include Basic DA
allowance that are
ordinarily, necessarily and
uniformly paid to
employees.
9. ELIGIBILITY:
• every industry employing 20 or more persons (180 industries are specified in
schedule 1 of the act)
• every industry employing 20 or more persons which the central govt. may
notify
• any other establishment notify by the central govt. even if employed person
are less than 20
10. ELIGIBILITY AND ENTITLEMENT:
• Every employee employed directly/through a contractor who is in receipt
of wages are eligible of become the member of this fund (exception- apprentice
under the apprentice act and casual worker)
• Irrespective of permanent/probationary employees, every other employee
is eligible for joining the PF scheme from the date of joining of service
• minimum 10% of basic pay for establishment employed less than 20
persons; sick industries declared by necessary authority;
beedi, jute, brick, coir, guar gum factories/industries
• other industries maximum 12% of basic pay
• a member can contribute voluntarily more than the statutorily prescribed
rate (up to 100% of basic pay) which is transferred to his PF A/c
11. CALCULATION:
• 12% contribution by employee directly transferred to his PF A/c
• 12% contribution by the employer out of which 8.33% is transferred to
employee pension scheme and REST i.e. 3.67% is transferred to PF A/c
• 1.10% administration charges on total wages payable by the employer
• 0.50% EDLI is calculated on total EDLI slab (Rs. 6500) wages and payable
by employer towards EDLI fund
• 0.01% EDLI administration charges on total EDLI is payable by employer
12.
13.
14.
15.
16.
17. BENEFITS:
• employees can take advances/withdrawal the PF in case of retirement,
medical care, housing, for the education of children, etc…
• up to 90% of amount can be withdrawn at the age of 54 years or before one
year of actual retirement. (Form 19)
• PF amount of deceased person is payable to his nominees/legal heirs
• equal contribution by the employer
• present interest rate 8.6%
• PF a/c can be transferred if employee changed from one establishment to
other where PF facility is available
18. The employee’s provident funds act 1952
•
•
•
INTEREST:
Interest is credited to member PF a/c on monthly running balance
Interest rate is fixed by the central govt. in consultation with the
central board of trustees of EEPF every year of march/ April
Interest rate is fixed i.e.8.6%
(1) ** Sub-Para (6) was added to Para (60). As per this interest shall not be credited to the account t of the
employee from the date on which it has become inoperative. An account becomes inoperative under
Para.72(6), if no claim has been made within three years from the date it becomes payable.
(2) ** Para 72(6) of P.F. Scheme 1952,
The existing sub-Para (6) permits transfer of certain sums , incapable of being paid to the
employee/legal heirs either for want of address or for want of receiving a claim for the same, to an
inoperative account if no claim has been preferred within 3 years of from the date on which the amount
becomes payable.
After the amendment, the period of thirty six months (but not three years) needs to be computed from the
date of preferring an application for withdrawal under Para s (69) or (70).
19. NOMINATION:
• The member can nominate to any
person/ persons to receive amount in case
of his death (Form 2, revised)
• The details provided by the member is
maintained at the regional provident fund
office which is used at time of death of the
member
20. ANNUAL STATEMENT OF ACCOUNTS:
• After the close of each year of contribution, annual account
sent to each member through establishment where the member
was last employed through form 23
• Form 23 shows the opening balance at the beginning of the
year, amount contributed, interest credited at the end of the
period and the closing balance at the end
• If any error is noticed in the form 23, the member shall bring
the same to the noticed of PF officer through the employer
within 6 months from the date of receipt of statement
21. FULL SETTLEMENTS:
• 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
- permanent migration from India to settle abroad/taking
employment
- for female employee leaving service for getting married
• PF a/c settled after two months under the circumstances:- from resignation of service
22. ADVANCES/WITHDRAWALS:
Type of benefits
Terms & conditions
% of share of amount
5
yrs.
Of
membership
of
the
fund(min. bal. in member’s a/c should
be Rs. 1000/-)
36 months wages (basic & D.A.) or
member’s own share & co’s share of
cont.
10 yrs. Membership of the fund &
member should have taken loan from
govt. body
36 months wages (basic & D.A.) or
member’s own share & co’s share of
cont.
Advance from the fund for illness
viz. hospitalization for more than a
month, major surgical operation or
suffering from T.B. etc.
Stay in hospital at least for a month
Stay in hospital at least for a month
Advance from the fund for marriage
of self/son/daughter/ sister/brother
etc.
7 yrs. Membership of the fund (min.
bal. in member a/c should be Rs.
1000/-)
50%
of
member
contribution
own
share
of
Advance
from
the
fund
education of daughter/ son
7 yrs. Membership of the fund (min.
bal. in member a/c should be Rs.
1000/-)
50%
of
member
contribution
own
share
of
Withdrawal from the fund:
1)
For purchase of house
2)
Construction of house
Advance
from
the
repayment of loan
fund
for
for
Grant of advance in abnormal
condition.(natural calamities etc.)
a)
Certificate of damage from
appropriate authority.
b)
State govt. declaration
Rs.500/- or 50% of member own share
of contribution. (to apply within 4
months.)
23. EMPLOYER‟S ROLE AND RESPONSIBILITY:
MONTHLY RETURNS:
- Filing monthly PF returns with EPFO with in 15 days of close of each month
- Provide a list of new employees joined in the establishment during the
preceding month and are qualified to become the member of the fund (Form5)
-Provide the list of employees leaving service during the preceding month
(Form-10)
-Employer should file the “nil” return of there is no new employee or no
employee leaving the service during the preceding month
-Provide the total no of member last month, joined member and resigned
member during the preceding month, and total no. of present subscriber to
the fund (Form-12A)
24. ANNUAL RETURNS:
-Employer shall send to commissioner within one month of close of the year, a
consolidated annual contribution statement (Form-6A) and individual
employee sheet (Form-3A) showing the contribution made by the employee
and the employer during the year
PENALITY:
-17-37% interest is payable for the delayed period in remitting contribution/
administration charges depending upon the delayed period
EXEMPTION:
-Employer can get the exemption from the scheme if the similar/better benefits
are provided other than the scheme by forming a VPF trust which will work
under the rule and regulation of EPFO
25. EMPLOYEE‟S ROLE AND RESPONSIBILITY:
• Provide details for self and nominees (Form-2) for PF & pension scheme
at the time of joining of establishment
• In case of already have a PF a/c , apply for transfer of previous a/c to
present a/c
• If willing to contribute more, inform to employer to deduct the same from
salary (VRS)
• VPF can be 100% of salary
• Understand that employer is not liable to contribute to VPF
• understand EPFO don‟t have any agent/Middleman
27.
INTRODUCTION:
Family Pension Scheme, 1971: (on or before the 15.11.1995)
If member is alive, no pension
If member is not alive, pension to spouse only
Pension amount was also very small as the contribution collected
to the scheme is only 3.34% (1.67%x2) of the wages
This scheme ceased when the EPS-95 came into existence.
Employees Pension Scheme, 1995 (after the 15.11.1995)
If member is alive, pension to member
If member is not alive, pension to spouse and 2 children below 25
years of age
This scheme is applicable to all members who joined EPF after
15.11.1995
28. EPS, 1995 offers pension on disablement, widow pension,
and pension for nominees.
It is financed by diverting 8.33% of employer‟s monthly contribution from
the EPF (restricted to 8.33% of 6500 or Rs. 541) and govt. contribution of
1.17% of the worker‟s monthly wages.
The purpose of the scheme is to provide for:
1)
Superannuation Pension: member who has rendered eligible service of 20 yrs.
And retires on attaining the age of 58 yrs.
2)
Retiring Pension: member who has rendered eligible service of 20 yrs. and
retires or otherwise ceases to be in employment before attaining the age of 58 yrs.
3)
4)
Permanent Total Disablement Pension
Short Service Pension: member has to render eligible service of 10yrs. And
more but less than 20 yrs.
29. Pension Benefits
Lifelong pension is available to the member and upon his death
members of the family are entitled for the pension.
The monthly retiring pension is decided on the basis of
„pensionable Service‟ and „pension Salary‟ and is worked out as
follows:
Monthly Pension = (pensionable Salary x pensionable Service) / 70
•
•
Pensionable Salary is the average contributing Salary immediately
Preceding 12 months from the date of exit from the scheme,
normally this would be limited to RS. 6500/Pensionable Service can not exceed 35 yrs.
30.
31.
32. Employee’s pension scheme, 1995
•
•
•
•
APPLICATION:
It is compulsory for all the member who has become the member of
EPF scheme
Facts:
A employee can start receiving the pension under EPS only after
rendering a minimum service of 10 yrs. And attaining the age of 58/ 50
yrs.
After 50 yrs. And before 58 yrs. Early pension is payable subject to
discounting factor @ 3% for every year falling short of 58 years.
In case of death/disablement, the above restrictions doesn’t apply.
Para (20) of Pension scheme 1995 ,
As per Para (1) & (2) of Para (20) the employer has to submit a consolidated return of the employees entitled to
become members and a return of employees leaving service in physical form to the commissioner .
Now Para (5) has been added after Para (4) whereby such returns shall be submitted in electronic form in the
format prescribed by the Commissioner.
34. THE EMPLOYEES DEPOSIT-LINKED INSURANCE
SCHEME, 1976
•
•
•
•
•
•
APPLICATION:
It is compulsory for all the members who are the member of PF scheme
Life insurance benefits (death coverage) of the employees is available under this scheme while
in service
CALCULATION:
It is calculated on EDLI slab-RS. 6500
1.10% administration charges on total wages payable by the employer towards EPF subject to
minimum Rs. 5/0.50% EDLI is calculated on total EDLI slab (Rs. 6500) wages and payable by employer towards
EDLI fund
0.01% EDLI administration charges on total EDLI is payable by employer subject to minimum
Rs. 2/-
(1) Para 22 of EDLI:
Pre-amendment position: A person entitled to receive P.F accumulations of a deceased member of a fund or Provident
fund exempted under Sec.17 of the P.F Act, is also entitled to receive an amount which is equal to the average of the
balances in the P.F account of the member during the preceding 12 months or during the period of membership of the
deceased employee whichever is less. If such average balance exceeds Rs.35000/, he is entitled to receive Rs35000/+ 25% of
the amount in excess of RS. 35000/- subject to the maximum of Rs 65000/After-amendment position: Now after the amendment, the ceiling limits of the average balance of Rs.35000/- has been
revised up to Rs.50000/- and in case the average balance exceeds Rs 50000/- the person is entitled to receive an
additional 40% of the amount in excess of Rs 50000/- instead of the previous 25% subject to the maximum of Rs.100000/(Rs. one lakh)
35. THE EMPLOYEES DEPOSIT-LINKED INSURANCE SCHEME,
1976
•
•
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
employee
(1) The new Sub-Para (3) has been inserted after sub-Para (2) of Para 22. This Para stipulates the formula of paying an additional sum under EDLI scheme, in addition to P.F
accumulations, to a person entitled to receive the P.F accumulations of the deceased employee who is a member of the Provident Fund exempted under Sec.17 of the P.F Act , if
such deceased employee was in employment for a continuous period of twelve months preceding the month in which he died.
Formula :
Average monthly wages drawn during the preceding 12 months( subject to the maximum of Rs. 6500)/- X 20 or the amount of benefit calculated u/ Sub-Para(1) of Para 22
whichever is higher.
It means, if an employee covered under EDLI Scheme dies and was in employment for a continuous period of 12 months preceding the month in which he died, the benefit payable under EDLI
scheme has to be calculated as per the formula under Sub-Para(1) of Para 22 and also as per formula under Para (3) and whichever benefit is higher ,has to be paid to the person entitled to receive
it .
Similarly an explanation has also been added to stipulate a formula in case of death of part time employees serving in more than one factory or establishment for a continuous
period of 12 months.
(2) Para 10 of EDLI scheme
As per the existing sub- Para's (1)(1-A) &(1-B), the returns specified in them shall be sent to the Commissioner in physical form. A new Sub-Para(3) has been added requiring the
returns specified in Sub-Para's (1)(1-A) &(1-B) to be submitted in electronic form
36. Form 13
(revised)
• for transferring the scheme from one establishment to
another covered PF act/ pension scheme
Form 14
• Application for financing a life insurance policy out if
PF a/c
Form 19
• to be submitted by a member to withdraws his PF
dues on leaving service/ retirement/ termination
Form 20
• In case of death of a member, this for is used by the
nominee/ family member to claim his PF accumulation
Form 31
• For the use of PF member to take advances/
withdrawal as prescribed in this form
37. Form 10 C
• To be submitted by member to withdraw pension
scheme fund
Form 10 D
• Application of pension(In case of death)
• To be submitted by first claimant –
- member
- widow/ widower
- orphan
- nominee
Form 5 (I.F.)
• In case of EDLI, To be submitted by the person eligible
to receive the PF A/c dues of the deceased member
who died while in service
38.
39. FORMS & CHALLAN DESCRIPTION
Sr No.
Form/Other Information
1
PF Employee Cont.
@ 12.00%
2
PF Employer Cont.
@ 13.61%
Description
@ 12% of Basic Paid
Entire Cont. of 12% goes to Employee PF A/c
@ 12% of Basic Paid towards Employer PF
Cont. goes in 2 parts:
8.33% goes to Employer’s Pension A/c
3.67% goes to Employer PF Cont. A/c
@ 1.61% towards Admin Charges as under:
1.1% of Basic – PF Admin. Charges
0.5% of Basic – EDLI Charges
0.01% of Basic – EDLI Admin. Charges
3
PF A/c Challan – A/c I
Employee PF (12%) + Employer PF Cont.(3.67%)
4
PF A/c Challan – A/c II
Employer Cont towards Admin Charges (1.1%) of Basic
5
PF A/c Challan – A/c X
Employer Cont towards Pension (8.33%) of Basic
6
PF A/c Challan – A/c XXI
Employer Cont towards EDLI Charges (0.5%) of Basic
7
PF A/c Challan – A/c XXII
Employer Cont towards EDLI Admin. Charges (0.01%) of Basic
8
Form 5 (Monthly Return)
Details of Employees joined during the month like PF A/c No., Name of Employee, and Father/Husband
Name & Date of Joining the Company & PF.
9
Form 10 (Monthly Return)
Details of Employees left during the month like PF A/c No., Name of Employee, and Father/Husband
Name & Date of Leaving the Company & PF.
10
Form 12-A (Monthly Return)
Details of Contribution Paid during the month thru PF Cont. challan along with Receipted Triplicate
copy of the challan.
11
Inspection Book
PF Inspector records his observations during the time of inspection.