Wednesday, May 14, 2014

Employee Provident Fund

Employee Provident Fund organization which takes care the Employees provident Scheme in India. The EPFO India is a statutory body under Ministry of Labour and Employment , Government of India. Epfo India has been constructed with a vision to safe guard the rights of employees. 

Earlier , In 1952 Employees provident funds ordinance replaced by the Employees Provident Fund Act and now it is referred as the Employees provident Funds and Miscellaneous Provisions Act , 1952 which is extends to the all over India except Jammu and Kashmir. The Employees provident funds bill was introduced in the parliament as bill number 15 ,1952 the act has been amended 15 times. The Act and Schemes framed there under are administered by the central board of trustees , Employees provident fund consisting of representatives of 

a, Government both central and state government representatives
  Secretary , Additional secretary , Joint secretary and financial adviser , Joint secretary/Director (social security ) , joint secretary ( Insurance and pension ) department of Financial services and all state government secretaries. 

b, Employers representatives
       Chairman and Managing director , secretary general ( CIE) , Director General (SCOPE), Employees Federation of India , Assocham , Principal Advisor , Cofederation of Indian industry , Secretary , All India organization of employers federation house , FASII , AIMO  

c, Employees representatives

President , BMS, National Executive member , secretary ,President CITU , Organizing secretary

Guarantee of pensionary benefits
None of the pensionary benefits under the Scheme shall be denied to any member or beneficiary for want of compliance of the requirement by the employer under sub-paragraph (1) of paragraph 3 provided, however, that the employer shall not be absolved of his liabilities under the Scheme.

The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within thirty days from the date of its receipt by the Commissioner. If there is any deficiency in the claim, the same shall be recorded in writing and communicated to the applicant within thirty days from the date of receipt of such application. In case the Commissioner fails without sufficient cause to settle a claim complete in all respects within thirty days, the Commissioner shall be liable for the delay beyond the said period and penal interest at the rate of 12 per cent per annum may be charged on the benefit amount and the same may be deducted from the salary of the Commissioner.

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