Tuesday, May 20, 2014

PF Benefits PF Nomination - Employees Provident Funds Scheme 1952 Benefits and Nomination



PF Scheme 1952 Benefits are Accumulation plus interest upon retirement , resignation,death. Partial withdrawals allowed for specific expenses such as houjse construction,higher studies,marriage,illness etc...

PF Scheme 1952 Nomination : There is a common form for all the three schemes Form 2 (R) the nominations in case of EPF Scheme are also applicable for the EDLI scheme. Member not having any family member as defined in the said para can nominate any other person bu the nomination will become invalid in case of the member acquiring family. And third is Member having family can nominate any one or more of the family members as defined under the para 2 (F) of the EPF Scheme 1952.

Membership of the Fund

Classes of employees entitled and required to join the fund.....

1. a) Every employee employed in or in connection with the work of a factory or other establishment to which this scheme applies other than an excluded employee,shall be entitled and required to become a member of the fund from the day this paragraph comes into force in such factory or other establishment.

Every employee employed in or in connection with the work for factory or other establishment to which this scheme applies, other than an excluded employee , shall also be entitled and required to become a member of thefund from the day this paragraph comes in to force in such factory or establishment.

Contributions....

The contributions payable by the employer under the scheme shall be at the rate of ( ten per cent) of the ( basic wages, dearness allowance ( including the cash value of any food concession ) and retaining allowance payable to each employee to whom the scheme applies : provided that the above rate of contribution shall be twelve per cent in respect of any establishment of class of establishments which the central government may specify in the official gazette from time to time under the first proviso to sub section of section 6 of the Act.

FOR MORE DETAILS ABOUT THE EMPLOYEES PROVIDENT FUNDS ( PF ) SCHEME 1952 (EPF) DOWNLOAD PDF

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