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    Provident Fund

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    SURUCHI GUPTA
    The document discusses the Employees' Provident Fund (EPF) scheme in India. It notes that the EPF Act was passed in 1952 and established three schemes - the EPF scheme, Employees' Deposit Linked Insurance scheme, and Employees' Pension scheme. The EPF is a compulsory savings scheme for employees in certain sectors, implemented by the Employees' Provident Fund Organization. It requires both employer and employee contributions of 12% each to provide retirement benefits and insurance for employees.

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    Provident Fund

    Uploaded by

    SURUCHI GUPTA
    73 views9 pages
    The document discusses the Employees' Provident Fund (EPF) scheme in India. It notes that the EPF Act was passed in 1952 and established three schemes - the EPF scheme, Employees' Deposit Linked Insurance scheme, and Employees' Pension scheme. The EPF is a compulsory savings scheme for employees in certain sectors, implemented by the Employees' Provident Fund Organization. It requires both employer and employee contributions of 12% each to provide retirement benefits and insurance for employees.

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    Employees Provident fund scheme, 1952

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    The document discusses the Employees' Provident Fund (EPF) scheme in India. It notes that the EPF Act was passed in 1952 and established three schemes - the EPF scheme, Employees' Deposit Linked Insurance scheme, and Employees' Pension scheme. The EPF is a compulsory savings scheme for employees in certain sectors, implemented by the Employees' Provident Fund Organization. It requires both employer and employee contributions of 12% each to provide retirement benefits and insurance for employees.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    73 views9 pages

    Provident Fund

    Uploaded by

    SURUCHI GUPTA
    The document discusses the Employees' Provident Fund (EPF) scheme in India. It notes that the EPF Act was passed in 1952 and established three schemes - the EPF scheme, Employees' Deposit Linked Insurance scheme, and Employees' Pension scheme. The EPF is a compulsory savings scheme for employees in certain sectors, implemented by the Employees' Provident Fund Organization. It requires both employer and employee contributions of 12% each to provide retirement benefits and insurance for employees.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 9

    EMPLOYEES’

    PROVIDENT FUND

    PRESENTED BY: SURUCHI GUPTA


    1241MBA18
    EPF ACT 1952
    The Employees provident Fund Act was
    passed in 1952.
    3 schemes come under this:
    1. Employees Provident Fund Scheme,1952.
    2. Employees Deposit Linked Insurance
    Scheme,1976.
    3. Employees Pension Scheme,1995.
    The act came into immediate effect from
    4th March 1952.
    INTRODUCTION OF EPF
    SCHEME,1952

    •EPF is one of the platforms of saving in


    India for nearly all people working in
    Government, Public or Private sector
    organization.
    •It is implemented by the EMPLOYEES
    PROVIDENT FUND ORGANISATION
    (EPFO) of India.
    MEANING OF EPF
    •The Employees Provident Fund is compulsory
    contributory fund for the future of the employee
    after his retirement or his dependents in the case of
    his early death.

    •Six industries namely:


    1.Cement 2. Cigarettes 3.Electrical,mechanical or
    general engineering products 4.Iron and Steel 5.
    Paper 6. Textiles came under implementation of the
    Act w.e.f 1 November,1952.
    AIM OF EPF ACT,1952
    •Its aim is to provide for a better future of
    industrial workers on retirement and for the
    dependent in case of his death.
    •In order to give benefit of provident funds to
    more workers the provision of the act have
    been amended from time to time.
    •The act was amended in 1971 to provide for
    Family Pension and Life Insurance benefits.
    •It was again amended in 1976 for introducing
    deposit- Linked Insurance scheme.
    EPF ELIGIBILITY
    •It is mandatory for salaried employees with an income of
    Rs. 15000 per month to register for an EPF Account.
    •As per law, it is mandatory for an organization to register
    for the EPF Scheme, if they have more than 20 employees
    working for them.
    •Organizations with less than 20 employees can also join
    the EPF Scheme on a voluntary basis.
    •Employees who earn more than Rs.15000 can also
    register for an EPF Account.
    •The rate of interest on EPF is increased from 8.55% to
    8.65% for the financial year 2018-19.
    •This scheme does not cater to the needs of people
    residing in Jammu and Kashmir.
    EPF CONTRIBUTIONS
    Both the employer and the employee have to make an EPF
    Contribution.
    Each makes a contribution of 12% of the employee’s dearness
    allowance and basic salary towards EPF.
    •Employee’s contribution towards EPF:
    12% of the employee’s salary is deducted by the employer on
    monthly basis for contribution towards EPF. The entire contribution
    goes towards the EPF Account.
    •Employer’s contribution towards EPF:
    The employer also contributes 12% of the employee’s salary
    towards EPF. However, his contribution is divided into two categories
    i.e., Employees’ Provident Fund : 3.67% and Employees’ Pension
    Scheme : 8.33%.
    WITHDRAWAL FROM EPF
    •It is possible to partially withdraw from the EPF Account :
    for the purchase of a house, wedding expenses or
    medical expenditure. The withdrawal limit varies based
    on the reasons for the withdrawal.

    •The entire PF amount can be withdrawn under several


    circumstances. Some of these include: attainment of
    retirement age, resignation due to permanent total
    mental/bodily incapacity, permanent relocation to other
    countries, death of the member, etc.
    LONG TERM
    FINANCIAL SECURITY RETIREMENT
    PERIOD

    TAX FREE
    SAVINGS DEATH

    BENEFITS OF EPF SCHEME

    UNSEEN
    UNEMPLOYMENT/
    CIRCUMSTANCES
    INCOME LOSS

    ACCESSIBLE ALL OVER

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