Learning Objectives Understand
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1 Learning Objectives Understand - The object of the Act which provides for substantial security and monetary assistance as a retiral benefit. - The applicability of the Employees PF Scheme, the Employees Pension Scheme & Employees Deposit Linked Insurance scheme. - The various benefits extended to the employees under the above three Schemes.
2 Structure 16.1 Introduction 16.2 Object of the Act 16.3 Applicability of the Act 16.4 Definitions 16.5 Membership 16.6 Contribution 16.7 Rate of Interest 16.8 Withdrawals
3 Structure 16.9 Nomination Transfer Account Slips Settlement of Claims Exemption Obligations of Employer Obligations of Employee The Employees Pension Scheme Eligibility Benefits
4 Structure Administration Obligations of Employer Obligations of Employee Exemption The Employees Deposit-Linked Scheme, Damages & Penalties Administration Summary
5 Introduction In 1951, Central Government promulgated Provident Funds Ordinance which was applicable from November 15 th. It was converted into an Act in March It was supplemented with Employees Family Pension Scheme which was introduced in March 1971.
6 Introduction Subsequently Employees Deposit Linked Insurance Scheme was introduced in 1976 as a measure to provide an insurance cover to the members of the provident fund in covered establishments without the payment of any premium by these members. Thus, three schemes have been framed under the Employees Provident Funds & Miscellaneous provisions Act.
7 Object of the Act The Act was introduced with the objective of providing for the future of industrial worker after his retirement also for his dependents in case of his early death inculcating healthy habit of saving. It envisaged to provide substantial monetary assistance to worker when in distress.
8 Applicability of the Act The Act is applicable from the date of functioning or the date of set up of establishments provided the unit employed 20 or more persons. The Government is empowered to apply the provisions of the Act to other establishment. Any establishment can get itself covered under the Act with mutual consent of employee & employer.
9 Definitions Employee : means any person who is employed for wages in any kind of work, manual or otherwise. The term also includes any person employed by or through a contractor. Employer: means the owner or occupier including the agent of such owner, occupier or the person who has the ultimate control of the establishment.
10 Membership Employees drawing a pay not exceeding Rs. 6,500/- p.m. are eligible for the membership of the fund. Every employee employed in or in connection with the work of a factory or establishment shall be entitled and required to become a member of the fund from the date of joining the factory or establishment.
11 Contribution The statutory rate of contribution to the provident fund by the employees and the employers is 10% of the pay of the employees. The wages include basic wage, DA, including cash value of food concession and retaining allowance if any. The Central Government can enhance this rate to 12%. These contributions, after paying advances and final withdrawals are to be invested in Government Securities, negotiable securities or bonds, National Savings certificates or PO time deposits.
12 Rate of Interest The Central Government declares rate of interest to be credited annually to the accounts of provident fund subscribers.
13 Withdrawals A member can withdraw full amount standing to his credit in the fund in the event of : retirement from service after attaining the age of 55 retirement on account of permanent & total incapacity migration from India for permanent settlement abroad termination of service in course of mass retrenchment.
14 Withdrawals A member can withdraw up to 90% of the amount to his credit after attaining age of 54 or within one year before actual date for retirement whichever is later. The scheme provides for non-refundable partial withdrawals / advances to meet insurance premiums, house building, purchasing shares of consumer co-op society, illness of members, member s own marriage or marriage of his brother/ sister/ son/ daughter, college education of children, and other such causes.
15 Nomination The nomination form shall be filled in duplicate and one copy duly accepted by the PF office be maintained by the member. In case there is no nomination, the amount shall be paid to the members of the family in equal shares except - sons who are major - sons of deceased son who is major - married daughters whose husbands are alive - married daughters of deceased son whose husbands are alive
16 Transfer When a member leaves service of one establishment and obtains re-employment in another establishment, he is required to apply for transfer of his PF account to the Regional PF Commissioner, irrespective of whether the new establishment is exempted or located in the same region or not. A member of the fund is entitled to full refund of both the shares of contributions made by him and his employer with interest thereon immediately after leaving service.
17 Account Slips As soon as possible after the completion of each accounting year, every member of the fund shall be supplied with an account slip showing [a] the opening balance [b] the amount contributed during the year [c] the amount of interest credited or debited [d] closing balance Errors, if any, are to be brought to the attention of the Commissioner within six months.
18 Settlement of claims All provident fund / pension claims [ complete in all respects ] shall be settled within 30 days. Any delay beyond that period will attract 12% pa. recoverable from the salary of the PF Commissioner.
19 Exemption An establishment may be granted an exemption if the Government observes that the rules and conditions of the establishment s PF scheme are not less favourable than stipulated in the Act. Such exemption is granted by the Central Government through a notification and exempted establishments are also required to maintain proper accounts, submit prescribed returns, invest accumulations in the prescribed manner and pay inspection charges. Exemption is cancelled in case of any breach of these conditions
20 Obligations of Employers [1] Send to the Commissioner within 15 days of the commencement or application of the scheme a consolidated return specifying employees required or entitled to become members. [2] Arrange to pay employer s and employees contributions with administrative & inspection charges. [3] Maintain accounts of amounts contributed by him and his employees.
21 Obligations of Employers [4] Send to Regional PF Commissioner, within 15 days, a monthly consolidated statement of employees and employer s contributions. [5] Furnish particulars of owners, occupiers, directors, partners, managers or any other persons who have ultimate control of the affairs of the factory.
22 Obligations of Employers [6] Transfer the amount of accumulated contributions to the credit of the employee of an exempted establishment if he leaves & obtains reemployment. [7] Prepare & maintain contribution cards for each employee member of the PF. [8] Maintain an inspection book for inspector to record his observation on his visit to the establishment.
23 Obligations of Employees [1] Furnish to the employer particulars about himself or his nominee as required by the provident fund organization. [2] Inform the employer in writing at the time of employment whether he is a member of a provident fund, and if so, provide his previous PF account number with particulars of his last employer.
24 The Employees Pension Scheme, This scheme is compulsory for employees who were members of the Family Pension Scheme of It is also compulsory for persons becoming members of the PF from PF members who were not members of Family Pension scheme have an option to join the pension Scheme.
25 Eligibility Minimum 10 years contributory service is required for entitlement to pension. Normal superannuation pension is payable on attaining age of 58. Pension on a discounted rate is payable on attaining age of 50 years.. Where pensionable service is less than 10 years, the member has an option to remain covered for pension till 58 years of age or claim return of contributions.
26 Benefits Monthly pension available under - Superannuation on attaining age of 58. Retirement Permanent total disablement Death during service Death after retirement Children pension Orphan pension.
27 Exemption The Central Government may exempt an establishment from the operation of all the provisions of the EPS 1995, subject to the conditions laid down in the schedule to the Act
28 The Employees Deposit Linked Insurance Scheme, [EDLIS} EDLIS is applicable to all establishments to which PF Act is applicable. Both exempted and unexempted establishments are covered. Employees are not required to contribute. Only employers have to contribute to the Insurance fund and pay administrative charges. Establishments having insurance benefits better than those in EDLIS are exempted.
29 Damages & Penalties Employer failing to remit contributions within 15 days is liable for penal damages up to 37% of the arrears. Employers failing to remit contributions and submit required returns are liable for prosecution. Employers contravening provisions of the Act are liable under penal provisions of the Act.
30 Administration Employees PF Organization is in charge of all the three schemes. Central PF Commissioner is the CEO of the organization. He is assisted by Regional PF Commissioners for each state and Delhi. PF Inspectors are appointed to carry out inspections & to perform advisory roles vis-à-vis workers and employers.
31 Summary The Employees PF & Miscellaneous Provisions Act provides for three schemes : [a] the Employees PF Scheme ; [b] the Employees Pension Scheme; [c] the Employees Deposit Linked Insurance scheme. The act stipulates statutory contribution to the provident fund by the employees & employers, a compulsory pension scheme for all PF subscribers
32 Summary and a deposit linked insurance scheme in which only employers are required to pay contribution at a specified rate to the fund. All the three schemes are administered by the Central Board of Trustees. The Central Provident Commissioner is the chief executive officer of the Employees PF Organization and Secretary to the Central Board of Trustees.
33 The End! In the next session we cover chapter seventeen on The Employees State Insurance Act, 1948 ZÉÉw _âv~4
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