EMPLOYEES' PROVIDENT FUNDS & MISCELLANEOUS PROVISION ACT, 1952

Transcription

1 EMPLOYEES' PROVIDENT FUNDS & MISCELLANEOUS PROVISION ACT, 1952 Applicability I. Every establishment which is a facry engaged in any industry specified in schedule 1 and in which 20 or more persons are employed and II. Any other establishment employing 20 or more persons which central Government may, by notification, specify in this behalf. ( infancy period of 3 years has been withdrawn by ordinance, w. e. f ) III. Any establishment employing even less than 20 person can be covered voluntarily u/s 1 (4) of the Act. Eligibility I. Any person who is employed for work of an establishment or employed through contracr in or in connection with the of an establishment where salary is less then $ 6,500/- p.m. and optionally covered where salary exceeds $ 6,500/- p.m. II. Any person who is classified as disabled employee under new Para 82 of the Employed ' provident fund Scheme, 1952 and working in the private secr, with monthly wages up $ 25,000/- per month provided they are provided they are appointed on or after III. Any person who is classified as international worker under new Para 83 of the ' Provident Fund Scheme, Benefits covered enjoy a benefit of Social Security in the form of an unuchable (except in severely restricted circumstances like buying house, marriage/education etc.) Financial nest egg which employees and employers contribute equally throughout the covered people s employment. This sum is deposit linked insurance Fund. Penal Provision Liable be arrested one who found without warrant being a cognizable offence. Defaults by employer in paying contributions or inspection / administration charges attract imprisonment up 3 year and fines up $ 10,000 (S.14) for any retrospective application; all dues have be paid by employer with damages up 100% of arrears.

2 ' provident Fund Scheme Started w. e. f Salary slab ( $ 1000/-) Rate of contribution for less then (6.1/4%) ( For less then 50 Rate of contribution for 50 or Emp. (6.1/4%) (For 50 or more Adm charge (0.37) ( min $ 5/- w. e. f Inspection charge (0.09%) till Eligibility period of membership (2 40 days/ 12 months) ( $ 1600/-) (8.1/3%) ( For less then 50 (8%) (For 50 or more (0.65) %) (120 days/ 06 months) ( $ 2500/-) (10) till (8%) (For 50 or more (1.10%) (0.09%) till (60days/ 03 months) ( $ 3500/- ) (10 %) (for 50 or more employee On dt. of joining but as per CPFC circular w. e. f $ 5000/- $6000/- wef (12%) ( 12 % )

3 RATE OF INTREST ON PF ACCUMLATION AS DECLARED BY CENTRAL GOVT. YEAR RATE YEAR RATE OF INTEREST INTEREST % % % (12% UP TO JUNE 01) % % % % % % +0.5(bonus) % % % % * 12.00% % % % % % % % % % % % (YET TO BE NOTIFIED) % RATE OF DAMAGES ON DELAYED PAYMENT OF CONTRIBUTION A ) up 2 5% per annum B) Above 2 months & up 4 10% per annum C) Above 4 month & up 6 15% per annum D) Above 6 25% per annum SIMPLE INTREST@ 12% P.A IS CHARGED SEPRATELY ON DELEYED PAYMENT OF CONTRIBUTION.

4 DOCUMENTS REQUIRED FOR GETTING RECOGNITION TO THE PF TRUST FROM THE COMMISSIONER OF INCOME TAX 1. Application u/r 77 of the I.T Rules, 1962 (in duplicate with $ 2/- court fee stamp duly attested by the employer first and then trustees. 2. Trust deed on $ 100/- stamp paper (original + two phocopies) duly attested by the trustees. 3. provident fund Rules ( in duplicate ) 4. list of names and addresses of the Trustees 5. Copy of the Resolution passed by the Board of Direcrs for formation of the provident fund trust ( in duplicate ) 6. Certificate Company stating PAN no. EMPLOYEES' DEPOSIT LINKED INSURANCE SCHEME 1976 Salary Slab ( upper limit ),Rate of contribution, administrative charges and inspection charges be born by Employer SALARY SLAB RATE OF CONTRIBUTION ADM.CHARGES INSPECTI ON CHARGES $ 1000/- FROM TO $ 1600/ $ 2500/ $ 3500/ To $ 5000/ % FROM TILL DATE 0.5% Till 0.01% FROM TILL DATE ( MIN. $ 2/- W. E. F % till (min. $ 2/- w. e. f ) 0.02% % till (min. $ 2/- w. e. f )

5 $ 6500/ till