Do EPF and MP Act applies to establishment?
The Employees’ Provident Funds & Miscellaneous Provisions (EPF and MP) Act, 1952 is applicable to every establishment, employing 20 or more persons, which is either a factory engaged in any industry specified in Schedule-! of the Act or an establishment to which the Act has been made applicable by the Central …
What is Employee Provident Fund and Miscellaneous Provisions Act 1952?
The Employees Provident Funds and Miscellaneous Provisions Act, 1952. Long Title: An Act to provide for the institution of provident funds pension fund and deposit-linked insurance fund for employees in factories and other establishments.
Who are covered under EPF Act?
EPF eligibility criteria 15,000 per month, it is mandatory for you to be opened an EPF account by your employer. Organizations with 20 or more employees are required by law to register for the EPF scheme, while those with fewer than 20 employees can also register voluntarily. If you are drawing a salary higher than Rs.
What are the provisions of the Employees Provident Funds and Miscellaneous Provisions Act 1952 relating to the constitution of provident scheme and pension scheme?
The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 provides for the institution of compulsory Provident Fund, [Pension]5 Fund and Deposit-Linked Insurance Fund, for the benefit of the employees in factories and other establishments.
What are the penalties under the EPF Act 1952 in detail?
(1) Whoever, for the purpose of avoiding any payment to be made by himself under this Act, the Scheme, the Pension Scheme or the Insurance Scheme or of enabling any other person to avoid such payment, knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment …
What are the main features of the Employees Provident Fund Act 1952?
Employee Provident Fund Scheme, 1952 Under this scheme, every employee is required to make a contribution towards the provident fund at the rate of 12\% of the Basic Wages, Dearness Allowance and cash value of food concession.
What are the main features of the Employees provident fund Act 1952?
What are the employer’s obligation under Employees provident fund Act 1952?
The employer is under a statutory obligation to deduct a specified percentage of the contribution from the employee’s salary for provident fund. The employer should also contribute such percentage for provident fund. An employee who gets more than 15,000 is eligible for getting the provident fund.
What are the scope and object of the Employers provident fund Act 1952?
[IND ¶21-001] Objective and scope. The objective of the Act is to provide for instituting a compulsory contributory fund for the future of the industrial worker after retirement or for the worker’s dependants in the case of early death. It also inculcates the habit of saving among the workers.
What are the employer’s obligations under Employees provident fund Act 1952?
Employers are responsible for the following under the EPF Scheme: Filing of monthly return in electronic form in ECR format on or before the due date. Submission of the particulars related employees joining or leaving the service and nomination form in the prescribed form and manner.
What is Section 17 of EPF Act 1952?
Section 17 of Employees Provident Funds Miscellaneous Provisions Act, 1952 Power to exempt is defined under section 17 of Employees Provident Funds Miscellaneous Provisions Act, 1952. Provisions under Section 17 of EPF Act 1952 are : Section 17 of Employees Provident Funds Miscellaneous Provisions Act, 1952 “Power to exempt”
What is Employees Provident Fund Act 1952?
All about Employees Provident Fund Act,1952. Employees Provident Fund is established in 1952 and hence the act is named as Employees Provident Fund & Miscellaneous Provisions Act, 1952, which extend to the whole of India except Jammu & Kashmir. Provident fund is a welfare scheme for the benefits of the employees.
What is the employer contribution to EPF in India?
12\% of the employee’s salary goes towards the EPF. Therefore, the employer contribution is 13.61\%. The premium and management charges are borne by the employer and the maximum limit is set at 0.5\% of Rs.15, 000. It is a 12 digit number allotted to the employee who is contributed to EPF.
What is Section 2A of Section 4 of the Provident Fund?
SCHEDULE IV. Section 1. Short title, extent and application. Section 2. Definitions. Section 2A. Establishment to include all departments and branches. Section 3. Power to apply Act to an establishment which has a common provident fund with another establishment