Purpose & Object | The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 has been enacted with the main objective of protecting the interest of the employees after their retirement and their dependents after death of the employee. The Act provides insurance to workers and their dependents against risks of old age, retirement, discharge, retrenchment or death. | ||
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EPF Applicability | The Employees'
Provident Funds & Miscellaneous Provisions Act, 1952 extends to whole of India except
the state of Jammu & Kashmir. It applies on every establishment employing 20 or more persons & engaged in industry specified in Schedule I of the Act or any other activity notified by the Central Government. It applies to all departments / branches of an establishment wherever situated. Any establishment employing even less than 20 persons can be covered voluntarily under section 1(4) of the Act. |
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EPF Eligibility | Employees
drawing salary / wages at the time of joining up-to Rs. 6,500/- per month are governed
by the provisions of the Act; Employees drawing salary / wages more than Rs. 6,500/- per month may also be brought under the purview of the Act at the discretion of the management and by furnishing a joint undertaking to the Provident Fund Commissioner; Employees engaged through the Contractor in or in connection with the work of an establishment are also covered under the purview of the Act. |
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Rate of EPF Contribution |
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Monthly Contribution | Employees’ Provident Fund | Employees' Deposit Linked Insurance Scheme | Employees' Pension Scheme |
By Employer | 12% of Basic Wages, Dearness Allowance, Cash Value of Food Concession & Retaining Allowance plus Administrative Charges | 0.50% of Basic Wages, Dearness Allowance, Cash Value of Food Concession & Retaining Allowance (subject maximum wage limit of Rs. 6,500/-) plus Administrative Charges | 8.33% (out of 12% contribution payable under EPF) subject to maximum of Rs. 541/- |
By Employee | 12% of Basic Wages, Dearness Allowance, Cash Value of Food Concession & Retaining Allowance | NIL | NIL |
By Central Government | NIL | NIL | 1.16% |
At PCS, we take care of the following compliances to Employees' Provident Funds &
Miscellaneous Provisions Act, 1952:
Criteria for
applicability for Employees' Provident Fund (EPF)
Obtaining EPF
Registration / EPF Code Number;
Monthly reminders for
EPF Payments
Preparing and filling
monthly returns with Employee’s Provident Fund Authority
Preparation &
Maintenance of Statutory Registers & Records as required under EPF Act / Schemes;
Preparation &
Maintenance of Inspection Note Book, Annual Contribution Statement, Pass Book;
Furnishing of
particulars of change in ownership / management of the establishment;
Formation of EPF Trust
& Compliances thereof
Providing day to day
consultancy on matters pertaining to EPF, pension scheme & insurance scheme
Consultancy on
Identification of best suited EPF Policy;
Assistance in
preparation of contribution cards of employees;
Assistance in Renewal
of EPF Contribution Cards of covered employees;
Assistance to employees
in Withdrawals from EPF
Assistance to employees
in Transfer of EPF Accumulation;
Assistance to employees
of establishment in claiming widow pension, family pension , children pension under employee
pension scheme;
Assistance employees in
claiming / obtaining superannuation pension;
Assistance at the time
of inspection / search / enquiries conducted under the Act;
Correspondence /
Liaisoning with concerned EPF Department / Office
New point :Assistance
for setlling the claims against the Firm and arrive at the common and reasonable solution
Replying / Satisfying
Show Cause Notices issued under EPF Act;
Replying / Satisfying
Demand Notices issued under EPF Act;
Appearing before the
concerned authorities on behalf of the establishments in show-cause / adjudication
proceedings
Defending Prosecution
Proceedings against the Management of the establishment
Drafting & filing of
Review Applications under the Act;
Drafting & filing of
Appeal to Employees’ Provident Fund Appellate Tribunal.
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