employees provident funds and misc. provisions act 1952
TRANSCRIPT
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EMPLOYEES EMPLOYEES PROVIDENT FUNDS PROVIDENT FUNDS
AND MISC. AND MISC. PROVISIONS ACT PROVISIONS ACT
19521952
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IntroductionIntroduction
SCHEMES UNDER THE ACT. EMPLOYEES PROVIDENT FUNDS SCHEME,
1952
EMPLOYEES DEPOSIT LINKED INSURANCE
SHEME, 1976
EMPLOYEES PENSION SCHEME, 1995
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PF SCHEME PF SCHEME
APPLICATION:
To every establishment employing 20 or
more employees.
Wages:
basic wages
dearness allowance and
retaining allowance, if any
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PF SCHEME PF SCHEME
CONTRIBUTIONS:
EMPLOYEES @ 12%
EMPLOYER @ 12%
FAMILY:
In case of Male: wife, children, dependent
parents and deceased sons widow and
children
In case of Female: Husband, children,
dependent parents and hus dep. Parents and
deceased sons widow and children
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PF SCHEME PF SCHEME
COVERAGE:
From day one joining in employment
POWER TO EXEMPT
Trust Maintenance by Trustees of Orgn.
TRANSFER OF ACCOUNTS:
On Re-employment from Exempted
establishment to Un-exempted and visa-
versa.
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PF SCHEME PF SCHEME
RATE OF INTREST:
9.5 % P.A.
VOLUNTARY CONTRIBUTION:
In multiples of Hundreds (Max. limit of
one month basic+da)
DECLARATION & NOMINATION
FORM 2
Distribution of amount
Fresh nomination on attaining family.
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PF SCHEME PF SCHEME
WITHDRAWALS:
For purchase of a dwelling house/flat or for
construction of house including purchase of
site
Min. Criteria: 5 years of Contributory period.
Incase of Construction: 24 months/employers
& employee share together with interest or
actual cost of const. Whichever is lower
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PF SCHEME PF SCHEME
WITHDRAWALS:
Incase of acquisition of ready built
house/flat:
36 months contributions/employers &
employee share together with interest
or actual cost of construction whichever
is lower
No withdrawal is allowed if it is for joint
family except jointly with spouse.
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PF SCHEME PF SCHEME
WITHDRWALS
Grant of Advances in special cases
incase factory is locked up or closed
down for more than 2 months
Advance for illness
Hospitalization is lasting for more than
one month or major surgical operation
or suffering from TB/ Leprosy etc.
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PF SCHEME PF SCHEME
WITHDRWALS
Grant of Advances for Marriages or post
matriculation edu of children ( 15% of own share)
Incase of own marriage or son/daughter/ sister/
brother or for post matriculation study of
children.
Min criteria: 7 years of contributory period.
Grant of adv. In abnormal conditions
Movable /Immovable property has been damaged
by nature calamity.
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PF SCHEME PF SCHEME
WITHDRWALS
Withdrawal which one year before retirement
90% of amount standing in his account.
Circumstances which lead to payable to a
member
On retirement
On retirement on account of perm disablement
Immediately before migration
On Retrenchment.
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EDLI SCHEME EDLI SCHEME
Obj: For providing life insurance benefits to the
employees.
Contributions:
Employer and Govt will contribute @ 0.5% of
wages.
(Max wage limit is Rs. 6500/-)
Benefit:
Equivalent to fund accumulations or 12 months
average bal or 25000. + 25 % of excess of 25000
with limit of RS. 35000/-
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EPS SCHEME EPS SCHEME
COMMENCEMENT OF SCHEME:
w.e.f 16/11/1995
OBJECTIVE: For purpose of providing for
Superannuation pension
Retiring Pension
permanent total disablement pension
widow or widower’s pension
children pension/orphan pension
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EPS SCHEME EPS SCHEME
ELIGIBILITY FOR PENSION:
An employee who completed min 10 years
membership.
Employees attaining age of 58 yrs and who
completed 10 yrs.
On attaining 58 yrs of age, the employers contr.
Will go to PF account, if he/she continues in
emp.
In case of death, spouse and two children upto
age of 25 yrs are eligible for pension.
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EPS SCHEME EPS SCHEME
CONTRIBUTIONS:
8.33% of employers contribution be
diverted
1.16% of Govt Contribution (max wage:
Rs.6500)
Pensionable Service:
Contributions received or receivable
Service Weight-age of 2 yrs incase of 20
years or more pensionable service.
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EPS SCHEME EPS SCHEME
PENSIONABE SALARY:
Avg. of 12 months salary
Non contributory days be excluded
Max wage limit is RS. 6500/-
Monthly Pension:
Retirement Pension: 20 yrs or more of
service on attaining 58 yrs.
Short Service Pension: 10 -20 yrs service.
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EPS SCHEME EPS SCHEME
Monthly Pension formula:
Pensionable serviceX Pensionable salary/70
Options : (Return of Capital)
90% of pension- nominee will get 100 times as
lumpsum on death of member
90% of pension- widow will receive 80% of
original pension and 90 times of original pension
87.5% of pension for fixed 20 yeas. 100 times at
end of 20 yrs if he alive or to nominee if not
alive
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EPS SCHEME EPS SCHEME
WITHDRAWALS:
Employees who put in less than 10 yrs service
are eligible incase not employed elsewhere.
employee has option to obtain “Scheme
Certificate” instead of withdrawal
PENSION AT AN EARLY DATE: (@ 3% less for
every year of short fall of 58 yrs.)
Emp who put in 10 yrs service and ceased to
be in employment may opt from 50 yrs of
age.
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EPS SCHEME EPS SCHEME
FORMS:
FORM 2: To be used for furnishing
Nominee Details.
FORM 10C: To be used for claiming
Withdrawal Benefits
FORM 10D: To be used for claiming
Monthly Pension
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EPS SCHEME EPS SCHEME
DO’S FOR MEMBERS:
Instructions should be gone through
before filling the forms.
Bank Details to be furnished correctly
Forms be attested by Employer
Claims should be sent to concerned RPF
Office
Claims/Clarifications routed thr Ex-
Employer
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EPS SCHEME EPS SCHEME
DON’TS FOR MEMBERS:
Do not close Bank Account
Don’t approach any middle/consultant
for settlement of claim.
Don’t contact any other official other
than PRO
Don’t hand over claim form to any un-
authorised person.
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Thank You
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badari narayana [[email protected]]badari narayana [[email protected]]
Dear Rajeev,
Pls find them here under. These were prepared some time back...It may need some updation.. like latest amendment in ESI Act enhancing wage ceiling from Rs.6500 to Rs. 7500 pm
Pls note my official mail id also: [email protected]
regards Badarinarayana