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OBJECTIVE
The
Employees 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. Act provides for payment of terminal benefits in various contingencies such as retrenchment, closure, retirement on reaching the age of superannuation, voluntary retirement and retirement due to incapacity to work.
The
every factory employing 20 or more persons. Any establishment to which the Act applies shall continue to be governed by the Act even if the number of persons employed therein at any time falls below.
in or in connection with the work of a factory or other establishment covered by the schemes other than an excluded employee is entitled and required to become a member of the fund from the date of joining the factory or establishment.
Excluded Employee :
An employee who, having been a member of the fund, has withdrawn the full amount of his contribution in the fund (a) on retirement from service after attaining the age of 55 years or (b) before migration from India for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 employment abroad An employee whose pay at the time he is otherwise entitled to become a member of the Fund, exceeds Rs. 6,500/- per month. A person who, is an apprentice, or who is declared to be an apprentice by the authority specified in this behalf by the appropriate Government.
4-Jun-12
Contribution
1. Employee: Not required 2. Employer : (a) 8.33% on Basic + DA
It is to be noted that where the pay of the member exceeds Rs. 6,500/- per month, the contribution payable by the employer will be limited to the amt. payable on his pay of Rs. 6,500/- only.
Employees have been appointed on salary ( Basic+ DA or Consolidated ) of Rs. 6500 or less or covered under the provision of the EPF Act, right from the day of commencement of their work. Employee can contribute more behind Rs.6500 similarly employer also at his discretion can do so but not mandatory EPF Act is applicable to such of the establishments who are engaging 20 or more persons or had engaged 20 or more persons at any time during calendar year.
In addition to 12% of the employer has to remit 1.61% paid as under 1.10% Administrative charges in Account No.2 0.5% EDLI in Account No.21 0.01% Inspection charges in Account No.22
To facilitate the employer to make the above contribution a consolidated challan ( in quadruplicate) is made in which all the above contributions could be remitted one challan itself.
: To provide life insurance benefits to the employees of the establishments covered by the EPF & MP Act, 1952
1.
RPFC office
2.
Challan
In SBI
2. 3
5 10
Monthly Return
12A
RPFC office
5.
3A & 6A
RPFC office
6.
Transfer of PF A/c
13
RPFC office
7.
Final settlement
RPFC office
8.
31
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