The document discusses the Employee Provident Fund (EPF), a statutory body established in 1952. It provides three major benefits to members: provident fund benefits, pension benefits, and insurance. EPF guarantees employer contributions plus interest. On resignation, a member gets their contributions plus interest. Members can apply for pension after age 50 with 10 years of service or withdraw funds before pension eligibility. The EPF also provides life insurance of up to Rs. 60,000 for members. Various advances can be taken for purposes like education, medical treatment, or housing.

1. PRESENTATION ON
EMPLOYEE PROVIDENT FUND
Act - 1952
A STATUTORY BODY UNDER MISTRY OF LABOUR & EMPLOYEMENT
Web site: www.epfindia.org

2. BENEFITS TO MEMBERS UNDER EPF SCHEMES
 Provident Fund Benefits
 Pension Benefits
There are 3 major benefits

3.  Employer also contributes to Members PF @ 12%.
 EPFO guarantees the Employer contribution and
credits interest at such rates as determined by the
Central Government. (Present Interest Rate is
9.5%)
 On resignation, the member can settle the account.
i.e., the member gets his PF contribution, Employer
Contribution and Interest.
1. Provident Fund benefits

4.  Pension to Member
 Pension to Family (on death of member).
 Scheme Certificate
 Withdrawal Benefit
2. Pension benefits

5.  Member has to attained the age of 50 years or
more.
 Member has to complete a total service of 10
years or more.
 Member should not get any other EPF Pension.
 Member has to apply in Form-10D at the EPF
Office where Member has last worked through
last Employer.
How to get Pension

6.  If the member wants to draw pension
from a different place, The member have
to furnish appropriate Bank / Post Office
address in the application form.
 Pension is distributed through Post Offices
or through some designated banks only
(eg: Indian Bank, SBI, Indian Overseas
Bank, HDFC Bank, ICICI and UTI Bank)
There Four situations when pension can be
applied for:

7. 1. On superannuation
(Age 58 years or more and
atleast 10years of service)
The member can continue in
service while receiving
this pension
On attaining 58 Years of age,
a EPF member cease to
be a member of EPS
automatically
2. Before superannuation
(Age between 50 and 58 years
and at least ten years of
service)
The member should not be in
service
3. Death of the member Death while in service or
Death while not in service
4. Permanent disability Permanently and totally unfit
for the employment which
the member was doing at the
time of such disablement

8. Scheme Certificate
 This Certificate shows the service & family details of a member
 This is issued if the member has not attained the age
of 58 while leaving an establishment and he applies for this
certificate
 Member can surrender this certificate while joining another
establishment and the service stated in the certificate is
added with the service he is gaining from the new
establishment.
 After attaining the age of 50 or above, the member can apply
for Pension by surrendering this scheme certificate (if total
service is at-least 10 years)
 This is a better choice than Withdrawal Benefit, as a member
dies holding a valid scheme certificate, his family will get
pension (Death when NOT in service)

9. Withdrawal Benefit
If not eligible for pension, member may withdraw
the amount accumulated in his pension account.
The calculation of this amount is based only on (i)
Last average salary and (ii) Service (Not based on
actual amount available in Pension Fund Account)
No amount is taken from Member to give Pension to
the Member. Employer and Govt. contributes to
Pension fund @8.33% and @1.61% respectively
EPFO guarantees pension to members, even if the
Employer has not contributed to Pension Fund.

10. How to settle EPF account
 The Member has to resign or retire from the establishment and
apply for settlement of PF in Form-19. If the exit is before 55
years of age, the member should not work in any covered
establishment for a period of 2 months from the exit date.
 If the member dies, Family members/Nominee have to apply in
Form-20 for settlement of PF (In case of death, apply in From-
10D and Form-5IF for Pension and EDLI also)
How to transfer the account / What to do
if joined in another establishment
 The Member has to apply in From-13(R) through the NEW
Employer at the EPF Office from which transfer is sought clearly
stating New and Old EPF Numbers. Member has to obtain new
EPF Number from the New Employer. New EPF Number will be
allotted by New Employer, not by EPFO.

11. Employees' Deposit Linked Insurance
(EDLI) Scheme
 On death of a member, the Family Members or Nominee
(whoever has the entitlement to claim Provident Fund
amount) can claim for EDLI Benefit. Maximum amount
payable is Rs. 60,000/-.
 The nominee(s) have to apply in From-5IF through the
Employer.
 No amount is taken from the Member for this facility.
Employer contributes for this.
 Average PF Balance, salary and service are the factors
considered for the calculation of this amount

12. Advance/ Withdrawals may be availed for
the following purposes:
•Marriage / Education
Purpose : For the marriage/education of Self & Family
Eligibility : Should Complete atleast 7years of service.
Max Amount : 50% of Emp’e Share
Document : Apply in Form 31 thorough the Employer
•Treatment
Purpose : Treatment of Self, Family (Dependents)
Eligibility : No minimum service required
Max Amount : 6 times of Wages or Full of Emp’e Share
Documents : Apply in Form 31 through the Employer
•Purchase or construction of Dwelling house
Purpose : Purchase or Construction House/Flat
Eligibility : Should complete 5years only in one service.
Max Amount : 36 times of Wages.
Documents : Apply in Form 31 through Employer

13. •Repayment of Housing Loan
Purpose : Payment of House Loan
Eligibility : Should complete 10years only in one service.
Max Amount : 36 times of Wages
Documents : Apply in Form 31 through the Employer
•Purchase of Plot
Purpose : Purchase of Site/Plot
Eligibility : Should complete 5years only in one service
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Addition/Alteration of House
Purpose : Repair of house
Eligibility : Should complete 5years only in one service /
Construction of House.
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Lockout
Purpose : Lockout of Closure of the Establishment
Eligibility : Should be closed for 15days / No wages for 2months.
Max Amount : Total of wages multiplied by no.of months closed
Documents : Apply in Form 31 through the Employer

14. •Withdrawal Prior to Retirement
Purpose : Withdrawal prior to Retirement
Eligibility : No min service, atleast 54 years of age /
1year before retirement.
Max Amount : 90% of total of both shares
Documents : Certificate from the Emp’r showing the date of
retirement / Apply in Form 31
•Other Advances
Purpose : Advance in Abnormal Conditions
Eligibility : Certificate of damage from appropriate authority
Max Amount : Rs. 5000/- or 50% of member’s own share of
contribution.
Documents : Certificate from Appropriate authority / Form 31.
IMPORTANT:
• The amount of advance/withdrawal is not required to be refunded
under normal circumstances. If the amount is not utilised, the same
should be refunded with penal interest.