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Employees' Provident Funds & Miscellaneous Provisions Act, 1952

Purpose

The main object of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 fund is to help employees save a fraction of their salary every month. The Act provides helps to workers and their dependents against risks of old age, retirement, discharge retrenchment or death.

Applicability

  • The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 extends to whole of India
  • It covers every establishment in which 20 or more persons are employed.
  • Any establishment employing even less than 20 persons can be covered voluntarily under section 1(4) of the Act
  • It applies to all departments / branches of an establishment wherever situated.

Eligibility

  • EPF is mandatory for those earning basic wages of up to Rs 15,000. Those earning basic wages more than 15000 per month, EPF contribution are not mandatory
  • Any employee engaged by the contractor for work of an establishment is also covered under the act

Benifits

On joining the EPF, the member is provided the benefits under Pension and Employees’ Deposit Linked Insurance Scheme.

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