Provident Fund
The Employees’ Provident Fund Act is a main Labour Law and Social Security Legislation that is designed to offer a lump sum payment to employees at the time of retirement from their respective organization. Besides the Retiral Benefits, it also gives multiple benefits in the form of Pensions, Deposit Linked Insurance, various advances from Provident Fund. This fund was initiated under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The regulations regarding this provident fund scheme are controlled by EPFO, Employees’ Provident Fund Organisation. This compulsory contributory Provident Fund Scheme is Governed and implemented by the Central Board of Trustees. Under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, there are three schemes are being operated-
- Employees’ Pension Scheme, 1995
- Employees’ Deposit Linked Insurance Scheme, 1976
- Employees’ Provident Fund Scheme, 1952
The Act is allocated by the Central Board of Trustees, a Statutory Board composed of the members of Central Government. The Executive council of the CBT assists the Central Board in the release of its procedure related to Managerial affairs. Administratively, the community is divided into zones which are governed by a Commissioner. Currently, there are 10 Zones throughout India. To oblige these zones, there are Assistant Provident Fund Commissioners who are appointed for the enforcement of the Schemes. Many districts in the nation have community offices with a respective assistant provident fund commissioner who is stationed for the execution of the system and attend to grievances. To know more, consult a Scayles profesional.