Employee Provident Fund Act

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Employee Provident Fund ACT

The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance in Parliament on 15th Nov, 1951. It is now referred as The Employees’ PF & Misc. Prov. Act, 1952, which extends to the whole of India, except Jammu & Kashmir. The Act came into force w.e.f. 04th March, 1952 under the supervision of Central Board of Trustees, EPFO. Since its enactment in 1952, the Act has been amended 15 times. Presently, the following three schemes are in operation under the Act:

  • Employees’ Provident Fund Scheme, 1952.
  •  Employees’ Deposit Linked Insurance Scheme, 1976.
  •  Employees’ Pension Scheme, 1995. (replacing the Family Pension Scheme, 1971)
  • The Employees’ Provident Fund Organization of  India, is one of the largest Provident Fund Institutions in the world in terms of members and volume of financial transactions that it has been carrying on.