The Employees Provident Fund & The Employees Provident Fund &

Miscellaneous Provisions Act,1952.Miscellaneous Provisions Act,1952.

• Object: Object:

The purpose is to make some provision for the future of The purpose is to make some provision for the future of the industrial workers after he retires or for his the industrial workers after he retires or for his dependents in case of his early death.dependents in case of his early death.

• It extends to the establishments employing 20 or more It extends to the establishments employing 20 or more persons.persons.

Main provisions:Main provisions:

• Contribution of the employees Contribution of the employees • Submission of the contributionSubmission of the contribution• The maximum limit of coverage The maximum limit of coverage • Pension scheme Pension scheme • Submission of returns & formsSubmission of returns & forms• EDLI scheme,1976EDLI scheme,1976• LoansLoans• Penalty in defaultPenalty in default

Contribution:Contribution:

• The employee has to contribute 12% of his basic The employee has to contribute 12% of his basic + DA+ DA

• The employer has to contribute equal t0 the The employer has to contribute equal t0 the employee contributionemployee contribution

• 1.61% of the total wages has to pay to provident 1.61% of the total wages has to pay to provident fund as admin.charges by employer onlyfund as admin.charges by employer only

• Contribution to be submitted before 15Contribution to be submitted before 15thth of of every month.every month.

• The distribution of the contribution is as follows:The distribution of the contribution is as follows:• EPFEPF FPFFPF Admin. Admin. 12%+3.6712%+3.67 8.33%8.33% 1.61%1.61%

Returns to be submitted:Returns to be submitted:

T o f u r n is h r e t u r n o f o w n e r s h ip t o R e g io n a l C o m m is s io n e r

T o d e p o s it e m p lo y e r & e m p lo y e e c o n t r ib u t io n s

T o f ile s t a t e m e n t s o f c o n t r ib u t io n s

T o f ile r e t u r n o f e m p lo y e e s q u a lif y in g f o r m e m b e r s h ip f o r t h e f ir s t t im eT o f ile r e t u r n o f m e m b e r s liv in g s e r v ic e

T o f ile c o n s o lid a t e d s t a t e m e n t o f c o n t r ib u t io n

T o o b t a in d e c la r a t io n f o r m e a c h e m p lo y e e

T o s e n d in t im a t io n o f c h a n g e o f o w n e r s h ip t o r e g io n a l c o m m is s io n e r

Pension SchemePension Scheme• The minimum eligibility period for getting The minimum eligibility period for getting

pension is 10 years of contribution.pension is 10 years of contribution.

• 8.33% of the deduction goes in to this A/c.8.33% of the deduction goes in to this A/c.

• The formula for calculation is equal to the total The formula for calculation is equal to the total length of service X Last wages drawn divided length of service X Last wages drawn divided by seventy.by seventy.

Pension Scheme BenefitsPension Scheme Benefits

• Pension Payment for life on Retirement Pension Payment for life on Retirement /superannuation./superannuation.

• Lump sum payment to the member by way of Lump sum payment to the member by way of commutation of pension upto one third pension commutation of pension upto one third pension amount on optional basis.amount on optional basis.

• In case of death of the member pension to In case of death of the member pension to spouse for life or until remarriage.spouse for life or until remarriage.

• To children (two at a time) till they attain the To children (two at a time) till they attain the age of 25 years additionally along with pension age of 25 years additionally along with pension payment to spouse.payment to spouse.

Pension schemePension scheme (Option for (Option for capital return)capital return)

Option pensionOption pension Normal Normal pensionpension

Reduced Reduced of capitalof capital

ReturnReturn

Revised pension during time Revised pension during time pensioner with return of pensioner with return of capital on his deathcapital on his death

Rs.1000.00Rs.1000.00 Rs.900.00Rs.900.00 Rs.100000.00Rs.100000.00

Revised pension @90% during Revised pension @90% during member’s lifemember’s life

Reduced pension @80% during Reduced pension @80% during spouses’ lifetime and then return spouses’ lifetime and then return of capital to nominee.of capital to nominee.

In addition the spouse will be In addition the spouse will be getting normal widow pension getting normal widow pension under Para 16 of the schemeunder Para 16 of the scheme

Rs.1000.00Rs.1000.00

Rs.500.00Rs.500.00

Rs.900.00Rs.900.00

Rs.800.00Rs.800.00

Rs.90000.00Rs.90000.00

Pension for fixed period of 20 Pension for fixed period of 20 yearsyears

Rs.1000.00Rs.1000.00 Rs.875.00Rs.875.00 Rs.100000.00 Rs.100000.00 (After 20 years (After 20 years to him/her or to him/her or to nominee)to nominee)

The Employees Deposit Linked The Employees Deposit Linked Insurance Scheme,1976Insurance Scheme,1976

• Benefit is given only in case of Benefit is given only in case of death of the member.death of the member.

• The amount is equal to average The amount is equal to average balance upto Rs.35000.00-plus balance upto Rs.35000.00-plus 25% of the balance amount,if 25% of the balance amount,if any,subject to Rs.60000.00 any,subject to Rs.60000.00 Maximum.Maximum.

LOANS AVAILABLE LOANS AVAILABLE

Type of LoanType of Loan Eligibility Eligibility Criteria Criteria

Amount Of Amount Of LoanLoan

Papers to be submittedPapers to be submitted

Purchase of a Purchase of a Dwelling SiteDwelling Site

Membership Membership for Min 5 for Min 5 YearsYears

90% of the 90% of the Employee Employee PartPart

Original Title deed, non-Original Title deed, non-encumbrance Certificate (For encumbrance Certificate (For verification & Return), verification & Return), Agreement with the sellerAgreement with the seller

Purchase of Purchase of Dwelling Dwelling House/FlatHouse/Flat

DoDo 90% of the 90% of the Employee Employee PartPart

As above and a certificate As above and a certificate stating that House/Flat is new stating that House/Flat is new and unlived one. Furnishing and unlived one. Furnishing the number and date of the number and date of approvalapproval

Construction of Construction of HouseHouse

DoDo DoDo Original Title deed (For Original Title deed (For verification and return).Non verification and return).Non encumbrance certificate encumbrance certificate estimate cost of estimate cost of Construction , Approved PlanConstruction , Approved Plan

LOANS AVAILABLE……. CONTDLOANS AVAILABLE……. CONTD

Type of LoanType of Loan Eligibility Eligibility Criteria Criteria

Amount Amount Of LoanOf Loan

Papers to be submittedPapers to be submitted

Addition, Alteration Addition, Alteration OR Improvement to OR Improvement to House Owned by House Owned by member or Spousemember or Spouse

Membership Membership For 5 YearsFor 5 Years

90% of 90% of the the Employee Employee PartPart

Approval Of The Appropriate Approval Of The Appropriate Authority, Estimate Of The Work Authority, Estimate Of The Work Original Title Deed Of The House Original Title Deed Of The House And Certificate From The And Certificate From The Appropriate Authority Specifying Appropriate Authority Specifying The Date Of Completion Of The Date Of Completion Of HouseHouse

Repayment of Repayment of (Housing) Loan State (Housing) Loan State Govt.Housing Govt.Housing Board ,Municipal Board ,Municipal Corporation or a Body Corporation or a Body Similar to DDASimilar to DDA

DoDo DoDo A Certificate from the lending A Certificate from the lending authority furnishing the details of authority furnishing the details of Loan and Outstanding Amount.Loan and Outstanding Amount.

Marriage of Marriage of Self/Son/Daughter/SistSelf/Son/Daughter/Sister/Brotherer/Brother

Membership Membership for 7 Yearsfor 7 Years

50% of 50% of the the

Employee Employee PartPart

A marriage CardA marriage Card

LOANS AVAILABLE……. CONTDLOANS AVAILABLE……. CONTD

Type of LoanType of Loan Eligibility Eligibility Criteria Criteria

Amount Amount Of LoanOf Loan

Papers to be Papers to be submittedsubmitted

Closure Lock Out of the Closure Lock Out of the Factory Establishment For Factory Establishment For Reasons Other than StrikeReasons Other than Strike

Membership Membership for 5 Yearsfor 5 Years

Non Receipts Of Wages For 2-Non Receipts Of Wages For 2-MonthsMonths

Illness Of Member/Family Illness Of Member/Family MemberMember

Post matriculation education Post matriculation education of Son/Daughterof Son/Daughter

THANKYOUTHANKYOU