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provident fund act 1952

Objective

The Employee's provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pension, Family Pension and Deposit Linked Insurance.

 

Applicability of the Act 

  • To every factory employing 20 or more persons.
  • An employee whose pay at the time he is otherwise entitled to become a member of the fund exceeds Rs.6500/- per month
  • An Employee who having been a member of the fund, has withdrawn the fullamount of his contribution in the fund 
    (a) on retirement from service after attaining the age of 55 years or
    (b) before migration from India for permanent settlement abroad; or for taking employement abroad.

 

Rates of Contribution

(Provident Fund is Calculated from Basic Salary + DA)

 

Scheme

Employee's Contribution

Employer's Contribution

Employee Provident Fund (EPF)

12%

3.67%

Employee Pension Scheme (EPS)

 

8.33%

Administration Charges

 

1.10%

Employee Deposit-Linked Insurance Scheme (EDLI)

 

0.50%

EDLI Administrative Charges

 

0.01%

Total

12%

13.61%


PF interest Rates is 9.5% per annum

Compliance Charts for Provident Fund


Type of Compliance

Form No

Compliance Date

Submitted to

Declaration Form from New Joinees

2

At the time of Joining

RPFC Office

Monthly Contribution of Employer & Employee in Challan for previous month

Challan

Before 15th of Every Month

State Bank of India

Return of Employees Qualifying

5

Before 15th of Every Month

RPFC Office

Return of Employees Leaving

10

Before 15th of Every Month

RPFC Office

Montly Return

12A

Before 25th of Every Month

RPFC Office

Annual Return

3A & 6A

Before 30th of April

RPFC Office

Transfer of PF A/c

13

When New Recruit

RPFC Office

Withdrawal

10C

19

10D

At the time of Leaving the service

RPFC Office

Advances for various purpose

31

After 5 Years of membership

 

Issue of Individual PF A/C No.

9

In the Month of Joining

 

 


PF form download