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The Employees Provident Fund Act, 1952 was brought on the statute
book for providing for the institution of provident fund for the
workmen in factories and other industrial establishments. The basic
purpose of the Act was to provide provident funds and to make
provision for future of the workmen after his retirement or his
dependents in case of his early death. In order to achieve this
ultimate object the Act is designed to cultivate among the workers a
spirit of saving something regularly and also to encourage
stabilization of a steady labour force in the industrial centres.
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V 12% contribution by the employee is directly transferred to his
Provident Fund A/c
V 12% is contributed by the employer out of which 8.33% is
credited to Employee Pension Fund and the balance 3.67% is
transferred to PF A/c of the employee
V 1.10% Administration charges on total wages are payable by
the employer
V 0.50% EDLI calculated on total EDLI slab (Rs. 6500) wages
and payable by the employer towards EDLI fund
V 0.01% EDLI Administration charges calculated on total EDLI
slab wages are payable by the employer
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V Employees¶ pensionscheme aimed at ³providing for
economic sustence during old age and survivorship
coverage to the member and his family.
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V .05% of the employees wages.
V Government contributes .25% of the
employees wages bill.
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V EDLI scheme is compulsory for all the existing members who
become members of the PF Scheme
V Life insurance benefit (death coverage) of the employee is
available under this scheme while in service
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V EDLI is calculated on EDLI slab ± Rs. 6500/-
V 0.50% EDLI calculated on total EDLI slab (Rs. 6500) wages
and transferred to EDLI fund
V 0.01% EDLI Administration charges calculated on total EDLI
wages
V EDLI / administration charges are payable by the employer
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V Employer can seek exemption from the Scheme if similar /
better benefits are provided other than the Scheme with the
consent of majority of employees