What is EPF? || What is Employee Provident Fund? || HR Tutorials India || EPF Act || EPF Act 1952

What is EPF? || What is Employee Provident Fund? || HR Tutorials India || EPF Act || EPF Act 1952 || What is HR? Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.

What is EPF?
The Employees’ Provident Fund (EPF) is a savings scheme introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. It is administered and managed by the Central Board of Trustees that consists of representatives from three parties, namely, the government, the employers and the employees.  

The Employees’ Provident Fund Organization (EPFO) assists this board in its activities. EPFO works under the direct jurisdiction of the government and is managed through the Ministry of Labour and Employment.

EPF scheme aims at promoting savings to be used post-retirement by various employees all over the country. Employees’ Provident Fund or EPF is a collection of funds contributed by the employer and his employee regularly on a monthly basis.

The employer and employee contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF. These contributions earn a fixed level of interest set by the EPFO. The amount of interest to be received on the deposit along with the total accumulated amount is totally tax-free, i.e. the employee may withdraw the entire fund without worrying about paying any kind of tax on it. 

EPF scheme applies to Hotels, Shops, Cinemas, and Preview Theatres, Restaurants, Newspaper Establishments, and Road-Motor Transport undertakings. This scheme has also been extended to the Private Educational and Medical institutions that have employed 20 or more people.
- Employees need to become an active member of the scheme in order to avail benefits under this scheme
- Employees of an organization are directly eligible for availing Provident Fund, insurance benefits as well as pension benefits since the day they join the organization.
- Any organization employing a minimum of 20 workers is liable to give EPF benefits to the workers.
- This scheme does not cater to the needs of people residing in Jammu and Kashmir.

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HR Tutorials India
What is EPF?
What is Employee Provident Fund?
EPF
Employee Provident Fund
EPF Act
What is Employee Provident Fund Act?
Employee Provident Fund Act
What is EPF Act 1952?
EPF Act 1952
Employee Provident Fund Act 1952
Employee Provident Fund And Miscellaneous Act
Employee Provident Fund and Miscellaneous Act 1952
EPFO
Employee Provident Fund Organization
EPF Calculations
EPF Contributions
What are the Benefits of EPF?
Benefits of EPF
Statutory Compliance
What is HR?

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