The Employee Provident Fund Scheme India was authorized in the year 1952, supplanting the Employee Provident Fund Ordinance, 1951. The EPF plan is currently known as the Employees’ Provident Fund and Miscellaneous Act, 1952.
The organization of the Act is completed by the Central Board of Trustees which includes agents of three gatherings viz. the administration, bosses and workers. The Board is helped by the Employees’ Provident Fund Organization (EPFO) which falls under the domain of the Government through the Ministry of Labor and Employment.
IMP Info About EPF
The point of the EPF plan is to advance retirement reserve funds for representatives crosswise over India. The Employees’ Provident Fund (EPF) is a corpus of assets worked through customary, month to month, commitments made by a representative and his/her manager. The sum added to the reserve depends on a settled rate. Representatives win enthusiasm on their EPF adjusts. Both, the premium earned and the aggregate sum pulled back at development are tax-exempt, making this a standout amongst the most prevalent types of long haul retirement reserve funds among the working populace in India. Other than retirement, reserves amassed in a worker’s EPF record can likewise be utilized at time of renunciation or demise. It likewise offers budgetary security in times of crisis and if a worker is rendered unfit for unemployment.
The EPFO, in this way, benefits a curiously extensive number of endorsers. This, combined with the extensive number of related exchanges included positions the EPFO among the biggest associations, comprehensively. There are presently more than 5 crore individuals that the EPFO administrations. Under the Act, the EPFO works three plans in all viz.
Workers’ Provident Fund Scheme, 1952
Workers’ Pension Scheme, 1995 (which supplanted the Employees’ Family Pension Scheme, 1971)
Workers’ Deposit Linked Insurance Scheme, 1976
Under the Act, part workers are qualified for provident reserve, annuity and protection benefits according to the previously mentioned plans.
EPF Membership – Eligibility Criteria
To profit advantages of the EPF conspire, workers need to end up individuals from the provident store.
Workers are qualified for participation upon the arrival of joining a foundation. This incorporates qualification for provident assets, protection and benefits. Foundations with at least 20 workers need to give PF to their representatives.
Hope You Guys get some Insight about EPF Scheme of Indian Government.
(Source – www.epfologin.co.in )