Employees (P.F) Provident Fund topic for CS Executive (ILGL) Subject

Employees Provident Fund topic for CS Executive

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Following topic ‘Employees Provident Fund’ from Industrial, Labor & General Laws is discussed below:

Employees Provident Fund

A Brief Introduction

The Employees Provident Funds and Miscellaneous Provisions Act, 1952 are applicable to employees whose wages* exceed Rs. 15,000/- per month. This ceiling limit has been amended and applied from September 01, 2014 (earlier the limit was Rs. 6,500/-) However, employees drawing salary below this limit can also have the benefits of this Act with their choice.

The wages* includes basic wages with dearness allowance, retaining allowance (if any), and cash value of food concession.

As per Section 1(3) read with Section 16, this Act applies-

To every establishment which is a factory engaged in any industry specified in Schedule I and in which 20 or more persons are employed; and
To any other establishment employing twenty or more persons or class of such establishments which the Central Government may, by notification in the Official Gazette, specify in this behalf.

As per Section 16, this Act does not apply to-

The Co-operative Societies employing <50 persons and working without the aid of power.Sec 16(1)(a).
Establishments under the control of the State/Central Government & Employees who are getting benefits in the nature of 16(1) (b) contributory P.F. or old age pension as per Govt. rules. Sec 16(1)(b).
Establishments set up under any Central/State or Provincial Act & the employees who are getting benefits in the nature of contributory P.F. or old age pension as per Govt. rules. Sec 16(1)(c).

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Note: The establishment to which this Act applies once shall continue to be governed by this Act even if the Number of Employees falls below 20. Sec 1(2).

Section 16(2), CG may exempt an establishment if CG is satisfied that the financial position of the establishment or the class of establishment is not as such to comply with the provisions of this Act.

However, if the Act does not apply to any establishment i.e. does not satisfy the above-mentioned conditions can Voluntary apply this Act as per the provisions of Section 1(4).

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