PF FOR EMPLOYERS

The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 applies to the
Factories engaged in Industries specified in Schedule I of the Act or to other establishments
notified and engaging 20 or more employees. To facilitate easy compliance by the Big
Industries, Micro, Small and Medium Enterprises (MSME), other Establishments EPFO has
provided online facilities starting from the registration of the Establishments, filing of
monthly returns integrated with online payment of the contributions and charges. The process
for all the online facilities are explained through well illustrated documents and FAQs and
even the probable entrepreneurs can visit the site and collect the information.
*Employers may pay directly through Internet Banking of PNB, Indian Bank, Allahabad
Bank, ICICI Bank, Kotak Mahindra bank, Axis Bank, Union Bank, HDFC Bank, Bank of
Baroda, Central Bank of India, IDBI, Yes Bank & SBI in addition to Payment Gateway of
SBI

PF FOR EMPLOYERS

The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 applies to the
Factories engaged in Industries specified in Schedule I of the Act or to other establishments
notified and engaging 20 or more employees. To facilitate easy compliance by the Big
Industries, Micro, Small and Medium Enterprises (MSME), other Establishments EPFO has
provided online facilities starting from the registration of the Establishments, filing of
monthly returns integrated with online payment of the contributions and charges. The process
for all the online facilities are explained through well illustrated documents and FAQs and
even the probable entrepreneurs can visit the site and collect the information.
*Employers may pay directly through Internet Banking of PNB, Indian Bank, Allahabad
Bank, ICICI Bank, Kotak Mahindra bank, Axis Bank, Union Bank, HDFC Bank, Bank of
Baroda, Central Bank of India, IDBI, Yes Bank & SBI in addition to Payment Gateway of
SBI

The Employees’ Provident Funds Scheme 1952 (EPF)

Benefits
  1. Accumulation plus interest upon retirement, resignation, death. Partial withdrawals allowed for education, marriage, illness etc.
  2. Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness etc.
Nomination
  1. 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.
  2. 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.
  3. Member not having any family member as defined in the said Para can nominate any other person, but the nomination will become invalid in case of the
    member acquiring family.
Claim Forms
  1. For final settlement by member: Form 19
  2. For Transfer of old account to the new one: Form 13
  3. For Withdrawal in certain cases: Form 31
  4. For financing LIC Policy: Form 14
  5. For final settlement in favour of nominee/ beneficiary of a deceased member: Form 20

 

The Employees’ Pension Scheme 1995 (EPS)

Benefits
  1. Monthly benefits for superannuation/ retirement, disability, survivor, widow (er), children.
  2. Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment.
  3. Minimum pension on disablement.
  4. Past service benefit to participants of erstwhile Family Pension Scheme, 1971.
Nomination
  1. Member has to give the names of spouse and all children in the prescribed form.
  2. In case the member has no family, one person can be nominated.
  3. However, such nomination will become invalid once the member acquires a family.
Claim Forms
  1. For Monthly Pension: Form 10D
  2. For Withdrawal Benefit and Scheme Certificate: Form 10C

 

The Employees’ Deposit Linked Insurance Scheme 1976 (EDLI)

Benefits
  1. The benefit provided in case of death of an employee who was member of the scheme at the time of the death.
  2. According to revised scheme payment of benefit amount to be 20 times of the wages or based on the deposit in the Provident Fund, whichever is less. With the increase in the wages ceiling from 6500/- to 15000/- from 01.09.2014, the maximum benefit amount has become 3 lakh and an additional 20% of the benefit amount calculated is also paid.
Nomination
  1. The nomination under the EPF Scheme will be applicable for the EDLI Scheme also.
Claim Forms
  1. For claiming Insurance Benefit by a nominee/ beneficiary in case of member’s death while in service: Form 5IF

As on date, the Act extends to 187 classes of establishments. Any establishment falling in any of
the 187 categories mentioned above and employing more than 19 persons automatically comes
under the purview of the EPF & MP Act 1952. On coming under the purview of the Act the
employers are required to submit Particulars of Ownership, [Form 5A] and comply with the
relevant statutory provisions.

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