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EPF Scheme

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Scheme :

The beneficiaries of EPF Scheme can avail the following benefits:

  • EPF pension scheme
  • Medical facility
  • Housing scheme
  • Family commitment
  • Education of kids
  • Funding of insurance premiums

Working of the Employees' Provident Fund Scheme:

According to the amendment that dates to 22 September 1997, the employee as well as employer contributes to this fund. This rate is fixed at 12% of the basic salary, DA, and retaining allowance (subject to the eligibility). However, a rate of 10% is also applicable in case of the following formations:

  • An establishment covered before 22.9.1997 and having less than 20 employees.
  • Any sick unit (as per clause (O) included as Sub-Section (1) in Section 3: Sick Industrial Companies (Special Provisions) Act, 1985), which has been declared sick by BIFR.
  • Any establishment that has accrued deficit equal to or more than its total net worth at the end of any financial year.

Any establishment that manufactures: (i) guar gum, (ii) breed, (iii) coir, or (iv) jute.

 
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