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The Employees Provident Funds And Miscellaneous Provisions Act-1952

Employee provident fund is also called EPF is major method of savings in India for nearly all personnel working in Government, Public and Private Sector including the PSS. The Employees’ Provident Fund Organization (EPFO) works under the Ministry of Labour and Employment has the authority to mandate policies on EPF pension and insurance schemes. The Employee's Provident Fund Scheme & Miscellaneous provisions Act 1952 defined by EPFO is applicable to every establishment (business / not-for-profit) employing 20 or more then 20 persons.

Important Provisions of the Act

Contributions : under the EPF scheme, both the employee and employer contribute equally to the EPF @ of 12% the basic wages, dearness allowance and retaining allowance, if any  payable to the employee per month.

Withdrawal From EPF : After the completion of minimum six months service an employee can withdraw from the EPF by filling a withdrawal form. Some conditions of withdrawal for different stages of services is as under :- 

  • On the retirement from service after attaining the age 55 years then the retirement on account of permanent and then total incapacity to work due to bodily or mental infirmity. Immediately before migrating from India then termination of service.

It's a part of EPF the employer is expected to make a contribution of at least 12% of the basic pay (including the cost of living adjustment allowance and retention allowance) subject to a maximum of Rs 6,500 per month to the PF of every employee of the firm. An employees can withdraw the full amount at credit on the PF on retirement after attaining 55 years of age. An employee who has not attained the age of 55 years also has the provision to cash the balance on his PF under the following circumstances :-

  1. Termination of services.
  2. Retirement on account of permanent disablement.
  3. Migration for taking employment abroad.
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