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  • What Is The Contribution Payable by The Employer and The Employee Under The Scheme?: The

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    The contribution payable by the employer under the Scheme is 12 percent of the wages of an employee. Contribution payable by employee is equal to contribution payable by employer in respect of such employee. The Employees' Provident fund and Miscellaneous Provisions Act, 1952 extends to the whole of India except the state of jammu and Kashmir.

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    The contribution payable by the employer under the Scheme is 12 percent of the wages of an employee. Contribution payable by employee is equal to contribution payable by employer in respect of such employee. The Employees' Provident fund and Miscellaneous Provisions Act, 1952 extends to the whole of India except the state of jammu and Kashmir.

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    5 views1 page

    What Is The Contribution Payable by The Employer and The Employee Under The Scheme?: The

    Uploaded by

    Anil Koli
    The contribution payable by the employer under the Scheme is 12 percent of the wages of an employee. Contribution payable by employee is equal to contribution payable by employer in respect of such employee. The Employees' Provident fund and Miscellaneous Provisions Act, 1952 extends to the whole of India except the state of jammu and Kashmir.

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    What is the contribution payable by the employer and the employee under the Scheme?

    : The contribution payable by the employer under the Scheme is 12 percent of the wages of an employee. The contribution payable by the employee under the Scheme is equal to the contribution payable by the employer in respect of such employee. {Section 6 & Para 29}

    http://www.excelconsultancyservices.co.in/EmployeesProvidentFund/faqs.htm

    CONTRIBUTIONS Employer Employee

    3.67% (for 178 industries) 1.67% (for 5 industries) 12% (for 178 industries) 10% (for 5 industries) Government None

    The Act initially applied to factories/ establishments falling within 6 specified industries i.e (1) Cement (2) Cigarettes (3) Electrical, Mechanical or General Engineering Products (4) Iron & Steel (5) Paper (6) Textiles (made wholly or in part of cotton or wool or jute or silk whether natural or artificial) which had completed 3 years of existence and employs 50 or more persons. Through an amendment, establishments employing 20 or more persons were also brought under the purview of the Act with effect from 31st December, 1960 subject to the condition that 3 years must have elapsed from the date of setting up of establishment employing 50 or more persons and 5 years in case of establishments employing 20 or more persons but less than 50 persons.

    The Employees Provident Fund and Miscellaneous Provisions Act, 1952 extends to the whole of India except the State of Jammu and Kashmir. (The Government of Jammu & Kashmir has instituted a separate Provident Fund Scheme with effect from 1st June, 1961).

    RATE OF CONTRIBUTION
    As per amendments dated 22.09.1997 in the Act, both the employees and employers contribute to the fund at the rate of 12% of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month. The rate of contribution is 10% in case of the following establishments:i) Any covered establishment with less than 20 employees,

    (iii) Any establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth, and (iv) Any establishment in the (a) Jute (b) Beedi (c) Brick (d) Coir and (e) Gaur i) gum industries/ factories.

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