This is an Act to provide for the institution of provident funds, pension fund, and deposit-linked insurance fund for employees. Employees' Provident Fund Organisation (EPFO) is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.
The Employees’ Provident Funds and Miscellaneous Provisions Act provides for compulsory contributory fund for the future of an employee after his/her retirement or for his/her dependents in case of the employee's early death. It extends to the whole of India except the State of Jammu and Kashmir and is applicable to:
Every factory engaged in any industry specified in Schedule 1 in which 20 or more persons are employed.
Every other establishment employing 20 or more persons or class of such establishments that the Central Govt. may notify.
Any other establishment so notified by the Central Government even if employing less than 20 persons.
Every employee, including the one employed through a contractor (but excluding an apprentice engaged under the Apprentices Act or under the standing orders of the establishment and casual laborers), who is in receipt of wages up to Rs.15,000 p.m. shall be eligible for becoming a member of the fund. The condition of three months continuous service or 60 days of actual work for membership of the scheme has been removed.
Employers have to register their Contractors on PF Portal
22 Sep, 2021
The PF Regional Office has emailed the employers on 22 Sep 2021, instructing them to immediately register all their existing contractors and sub contractors engaged for manpower, civil and other works; and to ensure that all upcoming and existing contracts awarded are mandatorily registered in the portal.
The CBDT through the Income-tax (25th Amendment) Rules, 2021 has provided the calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit. This Amendment will come into force from 01 April 2022.
EPFO relieves employers for Dues deposit delay, ECR filing for May 2021
31 Aug, 2021
EPFO has directed its field offices not to presume Employers default with respect to the delay in filing of ECRs for the month of May, 2021 which are statutorily due on or before 15th June 2021 on account of non-seeding of Aadhar with the UANs and to appreciate each case in its own facts under section 14B of the PF Act.
EPFO Notifies Employer Guidelines For Rectification Of Details For KYC Update Of Members
26 Aug, 2021
In case of employers filing incorrect details of their member employees with EPFO, such employees find it difficult to fill in their KYC online.
In order to rectify the incorrect filing, EPFO has provided a detailed process to the employers that can be completed online and offline based the type and number of errors along with submission of certain supporting documents.
Filing of E-nomination under Bharat Ka Amrut Mahotasav (BKAM)
30 Jul, 2021
The EPFO has circulated a letter directing all its field offices to make all efforts maximizing the number of E-nominations filed on a weekly basis. A campaign may also be launched for all EPF members to create awareness of the benefits of this online facility.
Aatmanirbhar Wage Subsidy Scheme via EPFO extended till 31 March 2022
28 Jun, 2021
The Aatmanirbhar Bharat Rozgar Yojana (ABRY) scheme launched on 01 October 2020 has been extended till 31 March 2022. The Government has launched the ABRY scheme last year to incentivise employers for creating new employment and restoration of employment loss through EPFO.
EPF, Pension, EDLI security benefits to children of COVID victims
24 Jun, 2021
EPFO has requested all employers to submit/forward the list of employees of their organisation who have lost their lives due to the COVID -19 pandemic disease in prescribed format to provide the applicable social security benefits to the surviving dependants.
Karnataka High Court orders emergent notice to UOI and EPFO on mandatory Aadhar seeding
17 Jun, 2021
The Hon’ble High Court of Karnataka being convinced on the practical difficulties faced by the employers and employees for seeding the Aadhar details with EPFO. After hearing the petitioner’s submissions, it has issued an emergent notice to the respondents – Union of India & EPFO.
Centre amends the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2021
29 Apr, 2021
The Central Government has revised the Employees’ Deposit-Linked Insurance (EDLI) Scheme to increase the monetary benefits to the claimants. On death of an employee, claimants are eligible up to 7 lakhs of assurance benefit.