Professional Documents
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Provident Fund
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Coverage
• Establishments employing 20 or more persons and engaged in any of the 180
industries / Classes of Businesses specified.
• Establishments not coverable statutorily can come under the coverage of the
Act statutorily.
• Since the Act applies on its own force to the establishments, the employers are
required to file the particulars in the specified format for registration and
allotment of business number.
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Financial Obligations:
Administrative Charges
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Financial Obligations:
Inspection Charges
• In respect of exempted establishment under P.F. Scheme employer is liable to pay
only inspection charges at the rate of 0.18% of emoluments.
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Duties of Employer
• Enroll all categories of employees including the employees engaged by or through
contractors and also piece rated, hourly rated employees.
• Remit the contributions and administrative charges before the 15th of the following
month.
• File the monthly returns in Form 12A, Form 5, Form 10 and Challans for remitting
the dues.
• Maintain the contribution card in respect of each employee in Form 3A and submit
the annual returns in Form 3A and 6A after reconciliation with Challans and form
12A.
• Employer should attest the form No.2 and the claims forms submitted by the
member/ legal heirs/ nominees.
• Make available all relevant records for inspection of visiting officials with due
authorization.
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• The employer can seek exemption from P.F. Scheme for the entire
establishment if the majority of the employees also consent for exemption,
subject to certain conditions governing grant of exemption and certain
formalities.
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• Every excluded employee shall be entitled to become a member from the date he
ceased to be such employee.
• Any employee who is not otherwise eligible to become member of the Scheme,
on request by him and his employer.
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• Every Cine Worker other than an excluded employee shall be entitled to become
a member of the Fund if he has worked in not less than three feature films with
one or more producers provided his pay at the time of joining the Fund does not
exceed Rs. 1600/-P.M or Rs.15,000/- per year. (Para 81).
Note: w.e.f 1-11-90 , an employee is eligible for membership from the very first date
of joining a covered establishment.
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• Every employee who was a member of Employees' Provident Fund Scheme and
has left service between 1-4-93 and 15-11-95 can also join the Employees'
Pension Scheme by submission of option.
• Note: The Employees' Pension Scheme membership will cease from the date
the member attains 58 years of age . However, he will continue to be a member
of Employees' Provident Fund till he leaves the service and withdraws the
Provident Fund accumulations.
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Administrative Charges
• a) Employees' Provident Fund Scheme:
1.10% of total wages on which Provident Fund is recovered subject to a minimum
of Rs. 5/- shall be payable by the employer every month . Prior to 1.8.98, w.e.f.
1.8.98 .65% of total wages
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Inspection Charges
• a) Employees' Provident Fund Scheme:
0.18% of the total wages on which Provident Fund is recovered.
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Duties of Employer
a) Employees' Provident Fund Scheme (Para 36)and
(Para 36A):
• Enroll the eligible employees as Employees' Provident Fund subscriber from the
right date.
• To maintain the inspection note book for an inspector to record his observation.
• Maintain such accounts in relation to the amounts contributed to the fund and by his
employees.
• To comply with all the directives issued by the Central Board for proper
implementation of the scheme.
• Pay to the Fund within 15 days of the close of the month both the shares of
contribution and administrative charges or inspection charges.
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Duties of Employer
b) Employees' Pension Scheme Scheme
(Para 20 EPS '95):
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• In case of existing Provident Fund/ Pension a/c, apply for transfer of previous a/c
number to the present a/c number.
• Ensure that employee furnishes form with details of previous Provident Fund a/c
no. to Employees' Provident Fund Organization.
• Execute form-2, in details of self, nominee for Provident Fund and pension and
details of family and see that it is forwarded to Employees' Provident Fund
Organization by the employer.
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• If desirous of enhancing rate of contribution, inform the desire with the higher rate
opted for to Employees' Provident Fund Organization through employer and allow
employer to deduct at enhanced rate from the wages.
If the wages drawn is more than Rs. 6500/-, intimate your desire to contribute on
the whole amount to Employees' Provident Fund Organization through employer.
Employer can also contribute on the whole amount drawn as wages under
intimation to Employees' Provident Fund Organization.
• Check up periodically with the employer that contribution and other charges are
paid to Employees' Provident Fund Organization and ensure it's correctness by
verifying the form-3A (contribution card) maintained by the employer.
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References
• http://www.epfindia.com/
• http://www.citehr.com/
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