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Who contributed in the EPF scheme?

The contributions payable by the employer and the employee under the scheme are 12% of PF wages. From the employer's share of contribution, 8.33% is contributed towards the Employees' Pension Scheme and the remaining 3.67% is contributed to the EPF Scheme.

Who is a member of employees provident fund Scheme 1952?

Eligibility to be the member of EPF Any person under the standing orders of an establishment, earning less than or equal to Rs. 15,000 per month other than the excluded and exempted employees under Section 17 of the Act.

Who manages EPFO?

The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India (click here).

When did EPF start?

The EPF is one of the main platforms of savings for all employees working in Government, Public or Private sector Organizations. It came into existence with the promulgation of the Employees' Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees' Provident Funds Act, 1952.

What is the provident fund Act 1952?

An Act to provide for the institution of provident funds 2[,3[pension fund] and deposit-linked insurance fund] for employees in factories and other establishments. 1. Short title, extent and application. \u20144[(1) This Act may be called the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.]

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Who contributes to EPFO?

Monthly Contribution \u2013 Employer and Employee The employer deducts 12% of the employee's salary (basic + dearness allowance) directly every month for a contribution towards EPF. This entire contribution goes to the EPF account of the employee.

Is EPFO an autonomous body?

The Employees Provident Fund Organisation (EPFO) is an autonomous body and the salary of its employees is not debited/given from the Civil Estimates of the Central Government and as-such their employees/retired employees are not automatically eligible for coverage under the CGHS.

What EPFO means?

Employees Provident Fund Organisation (EPFO) | Ministry of Labour & Employment.

When did pension start in EPF?

EPF pension scheme was launched by the government in 1995 and, hence, is also called the Employees Pension Scheme 1995. It includes both new as well as existing EPF members.

When did EPF pension start in India?

All You Need To Know about Employees' Pension Scheme (EPS) EPF pension scheme was launched by the government in 1995 and, hence, is also called the Employees Pension Scheme 1995. It includes both new as well as existing EPF members.

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