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- The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 is a welfare legislation enacted for the purpose instituting provident funds, pension fund and deposit linked insurance fund for employees working in factories and other establishments.
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What is Employees' Provident Funds Act 1952?
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THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952 ACT NO. 19 OF 19521. [4th March, 1952.] An Act to provide for the institution of provident funds 2[,3[pension fund] and deposit-linked insurance fund] for employees in factories and other establishments. BE it enacted by Parliament as follows:—.
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- Who Does The EPF & Mp Act Apply to?
- How Does EPF & Mp Work?
- What Are Some Implications Associated with EPF & MP?
The EPF & MP Act applies mainly to establishments with 20 or more workers, including those employed in factories, mines, plantations, shops, hotels and restaurants, as well as government offices and local authorities within India. All salaried employees earning up to Rs 15,000/- per month are eligible under this law, regardless of whether they are ...
Under this law, both employers and employees contribute 12% each every month towards their provident fund account, which is managed by an agency known as the Employee’s Provident Fund Organization (EPFO). Employers have the responsibility of remitting contributions made by them, while employees need only submit proof of income while filing annual r...
Implications associated with EPF & MP include financial security for both employers and employees alike during times when jobs may not be secure due to uncertain economic conditions or health issues resulting from prolonged sickness, among other reasons. By creating a corpus out of monthly deductions from salaries, it ensures that individuals do no...
Print. EMPLOYEES' PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952. 19 of 1952. An Act to provide for the institution of provident funds 1 [2 [***] pension fund and deposit linked insurance fund] for employees in factories and other establishments. BE it enacted by Parliament as follows:- SECTION 01: SHORT TITLE, EXTENT AND APPLICATION.
Employees provident fund and miscellaneous provisions Act, 1952. [Act No. 9 of Year 1952, dated 4th. March, 1952] An Act to provide for the institution of provident funds, 1[pension fund] and deposit linked insurance fund for employees in factories and other establishment. Be it enacted by Parliament as follows: -
Jan 1, 2023 · Under the EPF Act of 1952, the following three schemes are in operation: EPF (Employees’ Provident Fund) Scheme, 1952. EDLI (Employees’ Deposit Linked Insurance Scheme) Scheme,...
Dec 29, 2022 · What are the schemes under the Employee Provident Fund Act of 1952? Under the EPF Act of 1952, the following three schemes are in operation: EPF (Employees’ Provident Fund) Scheme, 1952. EDLI (Employees’ Deposit Linked Insurance Scheme) Scheme, 1976. EPS (Employees’ Pension Scheme) Scheme, 1995.
The employee provident fund is administered by the Employees Provident Fund Organization, under the Ministry of Labor and Employment. The Act is administered by Central Provident Fund Commissioner. The following 3 schemes have been framed under the Act. The Empoyees Provident Fund Scheme, 1952.
