Employees Provident Fund (EPF): Benefits, Eligibility, Acts and Withdrawels

 

Provident Fund

Employees’ Provident Fund is a statutory benefit payable to employees working in India. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ("Act") is applicable pan-India. The administration and management of Employees’ Provident Fund (EPF) is carried out by the Central Board of Trustees (CBT) established by the Central Government consisting of representatives of the Government, employers and employees respectively. The Employees’ Provident Fund Organization (EPFO) assists this Board in its activities.

Benefits

The employees covered under the various schemes of the Act are entitled for the following benefits

  1. Employees can take advances or make withdrawals*.

  2. PF amount of a deceased member is payable to the nominees or legal heirs.

  3. The employer not only contributes towards the PF but also makes the necessary contributions towards the employee’s pension which can be used by the employee post-retirement. Keep reading

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