Employees' Provident Fund, India
The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952. It is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of Indian except Jammu and Kashmir. The Employees' Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments.
Since its enactment in 1952, the Act has been amended 15 times.(list of all amending Acts- on clicking each amendment Act, the text of the amendment Act may open).
The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of :-
The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India. It is one of the world’s largest organizations in terms of clientele and the volume of financial transactions undertaken by it. The Board is assisted by theEmployees’ PF Organization (EPFO), consisting of offices at 120 locations across the country. The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India. The Organization also has a well equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for trainings and seminars.
Provident Fund Management
PF:-A. Provident Fund Online
We have a simple-to-use, Online PF Portal, with the following features:-
B. PF Administration & Accountisng
The Board operates three schemes viz. :-
The benefits admissible under each of the three schemes and the financing of the three schemes is indicated in the table below : –
As on date, the Act extends to 187 classes of establishments. Any establishment falling in any of the 187 categories mentioned above and employing more than 19 persons automatically comes under the purview of the EPF & MP Act 1952.
Thus employers and employees both contribute @ 12% of wages in Contribution accounts. Further, the employers also contribute towards administration of the benefits under the Act.
The contributions are statutorily payable upto a prescribed wage ceiling, which is Rs 6500/- as on date.