Animalscaretips
The objective of EPFO: EPFO aims to provide Social Security of the workforce in the country. It is mapped as the world's largest social security organization. Any organization which has more than 20 employees contributes to it. Basically, it ensures retirement benefits, it does retirement planning of employees.
- What are the objectives of provident fund?
- What is provident fund and how it works?
- What are the objectives and scope of Employees Provident Funds and Miscellaneous Provisions Act 1952?
- Why provident fund is important?
- What are the main features of provident fund Act 1952?
- What are the purpose of Employees Provident Fund Act?
- What is 7A in PF?
- What are the different types of provident fund?
- What are the provident fund schemes available to workmen?
- What is 7b in PF?
- What is Section 14B of Provident Fund Act?
- What is 7Q and 14B?
- Where is provident fund in balance sheet?
- What is the difference between PPF and PF?
- How is provident fund calculated?
What are the objectives of provident fund?
What is the objective of EPF Scheme? EPF Scheme is implemented to help the government, public or private sector employees financially by providing a lump sum amount on their retirement or separation from their job by managing provident fund of them. It helps in providing social security to the members of the scheme.
What is provident fund and how it works?
Workers give a portion of their salaries to the provident fund and employers must contribute on behalf of their employees. The money in the fund is then held and managed by the government and eventually withdrawn by retirees or, in certain countries, their surviving families.
What are the objectives and scope of Employees Provident Funds and Miscellaneous Provisions Act 1952?
u The Employees' Provident Fund and Miscellaneous Provisions Act, 1952 aims to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pen- sion, Family Pension and Deposit-Linked Insurance.
Why provident fund is important?
The Provident Fund is mandatory for every employee who fulfills Rs 15,000 threshold for monthly PF contribution. It is generally considered a retirement-oriented investment option. Provident Fund, however other than being a long-term savings scheme gives several additional benefits to the subscribers.
What are the main features of provident fund Act 1952?
Employees' Provident Funds Scheme, 1952
The scheme provided for provident fund system on contributory basis by the Employers and the Employees at equal rate. It made available to the employee concerned the accretions in the Provident Fund a/c with interest in lump sum on retirement or leaving the job.
What are the purpose of Employees Provident Fund Act?
The primary purpose of PF fund is to help employees save a fraction of their salary every month so that he can use the same in an event that the employee is temporarily or no longer fit to work or at retirement. Employers and employees both contribute @12% of wages in contribution accounts.
What is 7A in PF?
Section 7A is the provision under which PF commissioners (who are vested with the powers of a civil court), can initiate an inquiry, by order, to determine (i) the applicability of the EPF Act to an establishment in case of a dispute; and (ii) to determine amounts due from any employer under the EPF Act and its schemes ...
What are the different types of provident fund?
Employees' provident fund is classified into 4 categories: Statutory Provident Fund, Recognized Provident Fund, Unrecognized Provident Fund and Public Provident Fund.
What are the provident fund schemes available to workmen?
Currently, the following three schemes are in operation under the Act: Employees Provident Funds Scheme, 1952 (Provident Fund Scheme) Employees Pension Scheme, 1995 (Pension Scheme) Employees Deposit Linked Insurance Scheme, 1976.
What is 7b in PF?
(1) Any person aggrieved by an order made under sub-section (1) of section 7A, but from which no appeal has been preferred under this Act, and who, from the discovery of new and important matter or evidence which, after the exercise of due diligence was not within his knowledge or could not be produced by him at the ...
What is Section 14B of Provident Fund Act?
Damages under section 14B of the EPF & MP Act can be recovered from the transferee - The Employees Provident Funds and Miscellaneous Provisions Act, 1952. ... Once damages have been recovered from anyone of the companies, the EPF Authority would have no right to recover the same from the other company.
What is 7Q and 14B?
If an employer makes payment of dues after the due date, he/she is liable to pay damages under Section 14B and interest under section 7Q. When a remittance is deposited on the unified portal after due date, the system will automatically calculate 14B/7Q, and generate challan for online payment of the same.
Where is provident fund in balance sheet?
Balance sheet under the head "Provisions".
What is the difference between PPF and PF?
PF is the popular name for EPF or Employees' Provident Fund. It is a government-established savings scheme for employees of the organised sector. ... PPF or Public Provident Fund is a government-supported savings scheme. It is open to everyone – employed, self-employed, unemployed, or even retired.
How is provident fund calculated?
Calculation of EPF
Contribution made by the employee equals 12% of his/her Basic Pay plus Dearness Allowance (DA). When the Basic Pay + DA is less than or equal to Rs 15000, the employee contribution is 12% of Basic Pay + DA, whereas the employer contribution is 3.67% of the Basic Pay + DA.
