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Employees Provident Fund 1218978787663499 9
Employees Provident Fund 1218978787663499 9
ACT, 1952
OBJECTS THE BASIC PURPOSE OF PROVIDING P.F. IS TO MAKE PROVISIONS FOR FUTURE OF THE INDUSTRIAL WORKER AFER HIS RETIREMENT OR FOR HIS DEPENDENTS IN CASE OF HIS EARLY DEATH. IT SEEMS TO CULTIVATE THE HABIT OF SAVING AMONG WORKMEN.
P.F. ACT
EMPLOYERS CONTRIBUTION : IN CASE OF ESTABLISHMENTS EMPLOYING 20 PERSONS OR A SICK INDUSTRIAL (BFIR) COMPANY OR SICK COMPANY OR ANY INDUSTRIAL ESTABLISHMENT IN THE JUTE, BEEDI, BRICK, COIR OR GAUR GUM INDUSTRY 10% OF THE BASIC WAGES, DEARNESS ALLOWANCE. IN CASE OF ALL OTHER ESTABLISHMENTS EMPLOYING 20 OR MORE PERSONS 12% OF THE WAGES PLUS DA.
P.F. ACT
TERM OF SCHEME THE EMPLOYEE ATTAINS THE AGE OF 58 YEARS. HE DIES THE PENSION IS VESTED IN HIM. THE EMPLOYER SHOULD SEND A CONSOLIDATED RETURN OF EMPLOYEES ENTITLED TO BECOME MEMBERS OF THE NEW SCHEME. EMPLOYEE CONTRIBUTION 10 OR 12% AS THE CASE MAY BE.
P.F. ACT
EMPLOYEES PENSION SCHEME :THE EMPLOYEES PENSION SCHEME WAS STARTED W.E.F. 16.11.1995. THE NEW SCHEME ENVISAGES PROVIDING MONTHLY PENSION TO EMPLOYEES ON SUPERANNUATION. PENSION OF WIDOWS/WIDOWER GIVEN. MODE OF RECOVERY : THE AMOUNT OF CONTRIBUTION, DAMAGES, ACCUMULATIONS REQUIRED TO BE PAID BY THE EMPLOYER CAN BE RECOVERED FROM HIM THROUGH : ATTACHMENT AND SALE OF MOVABLE OR IMMOVABLE PROPERTY OF THE ESTABLIHSMENT, ARREST OF THE EMPLOYER AND DETENSION IN PRISION. ANY PERSON AGGRIEVED BY AN ORDER OF DETERMINATION MAY PREFER AN APPEAL TO THE PF APPLELLATE TRIBUNAL BY DEPOSITING 75% OF THE AMOUNT DETERMINED FOR FILING AN APPEAL.
P.F. ACT
EMPLOYEES DEPOSIT LINKED INSURANCE SCHEME UNDER THIS SCHME 1% OF THE AGGREGATE OF THE BAISC WAGES PLUS DEARNESS ALLOWANCE THE CENTRAL GOVERNMENT SHALL PAY 0.5% OF THE PAY PLUS D.A. TOWARDS THE SCHEME. THE INSURANCE FUND MONEY IS USED TO PROVIDE INSURANCE COVER TO THE EMPLOYEES DYING WHILE BEING A SUBSCRIBER TO THE P.F. SCHEME. MAXIMUM OF THREE TIMES OF THE SAVING INTO THE P.F. FUND IS GIVEN IF AN EMPLOYEE DIES, SUBJECT TO THE MAXIMUM OF RS.60,000/=.
P.F. ACT
THE EMPLOYER NOT TO REDUCE WAGES FOR P.F. CONTRIBUTION OR FOR THE INSURANCE SCHEME. ACT NOT TO APPLY TO THE FOLLOWING : NOT APPLICABLE FOR ANY ESTABLISHMENTS UNDER CO-OPERATIVE SOCIETIES ACT. 1912. TO ANY OTHER ESTABLISHMENT BELONGING TO OR UNDER THE CONTROL OF CENTRAL GOVERNEMNT OR STATE GOVERNMENT AND WHOSE EMPLOYEES ARE ENTITLED TO THE BENEFIT OF CONTRIBUTORY PROVIDEND FUND OR OLD AGE PENSION ETC.
P.F. ACT
AUTHORISING CERTAIN ESTABLISHMENTS TO MAINTAIN PROVIDEND FUND ACCOUNTS THE CENTRAL GOVERNMENT MAY BY ORDER ALLOW EMPLOYER TO MAINTAIN A PROVIDENT FUND ACCOUNT.