{"id":4264,"date":"2018-05-22T14:35:57","date_gmt":"2018-05-22T09:05:57","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=4264"},"modified":"2019-09-25T12:51:41","modified_gmt":"2019-09-25T07:21:41","slug":"employee-provident-fund-scheme-1952","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/employee-provident-fund-scheme-1952\/","title":{"rendered":"Employee Provident Fund Scheme 1952"},"content":{"rendered":"<p>India, being a welfare state strives to provide its citizens with certain rights and privileges designed to enhance their quality of life. The Directive Principles of State Policy put the onus on the government to make certain provisions towards its people, including social security. It was with this intention that the government set up a statutory body, The Employees\u2019 Provident Fund Organisation which monitors and administers the Provident Fund Scheme, Insurance Scheme, and Pension Scheme. The\u00a0<b>Employees\u2019 <a href=\"https:\/\/www.antworksmoney.com\/blog\/epfo-employee-provident-fund-organization\/\">Provident Fund<\/a> Scheme of 1952<\/b>\u00a0acts as the backdrop for the government to enforce certain policies, with the Ministry of Labour and Employment in charge of its implementation.<\/p>\n<div class=\"cta-section\">\n<h2>Physical Applicability of Scheme<\/h2>\n<p>The Employee Provident Fund Scheme is enforceable throughout the territory of India, except the state of Jammu and Kashmir. This ensures that every eligible individual is covered by the Scheme regardless of his\/her domicile or place of work, making in at inclusive scheme.<\/p>\n<h2>Eligibility Criteria<\/h2>\n<p>The provisions of Employees\u2019 Provident Fund Scheme are applicable to the following categories of organizations.<\/p>\n<ul>\n<li>An organisation which is involved in an activity mentioned under Schedule 1 of this Act.<\/li>\n<li>A company which employs more than 20 people.<\/li>\n<li>A cinema theatre which employs more than 5 people.<\/li>\n<\/ul>\n<h2>Exceptions<\/h2>\n<p>While this Scheme is designed to cover every working individual, there are certain exemptions provided. These exceptions are mentioned below.<\/p>\n<ul>\n<li>Co-operative societies which work without the aid of power and employ under 50 people.<\/li>\n<li>Organisations established by central or state acts under which employees are provided benefits including contributory PF or pension.<\/li>\n<li>Organisations under the control of central or state governments wherein employees are eligible for benefits like PF and pension.<\/li>\n<\/ul>\n<h2>Cover offered by Employees\u2019 Provident Fund Scheme<\/h2>\n<p>The Employee Provident Fund Scheme is designed to offer certain benefits to individuals covered under it, taking care of the following needs.<\/p>\n<ul>\n<li>Medical care and Housing<\/li>\n<li>Education of dependents (children)<\/li>\n<li>Finance of insurance and health policies<\/li>\n<li>Family obligations<\/li>\n<li>Retirement<\/li>\n<\/ul>\n<h2>Contributions under Employees\u2019 Provident Fund Scheme<\/h2>\n<p>As per the provisions of The Employees\u2019 Provident Fund Scheme, both an employer and an employee are expected to make contributions towards this fund. A contribution equivalent to 12% of the Basic DA, retaining allowance and a cash component of food allowance needs to be made, provided this contribution is limited to under Rs 6,500 per month. Individuals can choose to enhance their contribution voluntarily, provided both the employee and employer agree for the same.<\/p>\n<p>This contribution is lowered to 10% for companies covered before 22\/9\/1997, employing under 20 people. Sick industrial companies, organizations which suffer financial losses equivalent to their net worth and those manufacturing bricks, jute, beedi, coir and guar gum products also fall under this category.<\/p>\n<h2>When are accumulated funds payable?<\/h2>\n<p>An employee can withdraw Employee <a href=\"https:\/\/www.antworksmoney.com\/blog\/epfo-employee-provident-fund-organization\/\">Provident Fund<\/a> balance\u00a0under the following circumstances.<\/p>\n<ul>\n<li>On retirement from service. An employee should have attained the age of 55 years to be eligible for withdrawal.<\/li>\n<li>On moving to another country in pursuit of employment or permanent settlement.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>India, being a welfare state strives to provide its citizens with certain rights and privileges designed to enhance their quality of life. The Directive Principles of State Policy put the onus on the government to make certain provisions towards its people, including social security. It was with this intention that the government set up a &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/employee-provident-fund-scheme-1952\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Employee Provident Fund Scheme 1952&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-4264","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Employee Provident Fund Scheme 1952 - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"The Employee Provident Fund Scheme is enforceable throughout the territory of India, except the state of Jammu and Kashmir...\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/employee-provident-fund-scheme-1952\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Employee Provident Fund Scheme 1952 - 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