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 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.
Acts & Amendments