Friday 25 November 2016

Employees’ Provident Funds and Miscellaneous Provisions Act, 1952





Employees’ Provident Funds and
Miscellaneous Provisions Act, 1952
The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 is a social
welfare legislation to provide for the institutionof Provident Fund, Pension Fund and Deposit Linked Insurance Fund for employees workingin factories and other establishments. The Act aims at providing social security and timely monetary assistance to industrial employees and their families when they are in distress. Accordingly, three schemes are in operation under the Act. These schemes taken together provide to the employees an old age and survivorship benefits, a long term protection and security to the employee and after his death to his family members, and timely advances including advances during sickness and for the purchase/ construction of a dwelling house during the period of membership. The Act is administered by the Government of India through the Employees' Provident Fund Organisation (EPFO). EPFO is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions that it has been carrying on. The Central Government has been constituted Employees' Provident Funds Appellate Tribunal to exercise the powers and discharge the functions conferred on such by Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The Tribunal consist of one person only and appointed by the Central Government.

""The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 provides for the institution of provident funds, pension fund and deposit-linked insurance fund for employees in factories and other establishments. It extends to the whole of India except the State of Jammu and Kashmir.""

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