Basis EPF ESI
1.) Acts Applicable The Employees’ Provident Funds And Miscellaneous Provident Act, 1952. Employees’ State Insurance Act, 1948
Extends to Whole INDIA Whole India
2.) Name of Scheme Employees Provident Fund Scheme.
3.) Organisation Employees’ Provident Fund Organization (EPFO). Employee’s State Insurance Corporation (ESIC)
3.) Applicability All business entities with 20 or more than 20 employees are mandated to be members of the EPFO.

Here, Business Entity means:

i) Every establishment which is a factory engaged in any industry specified in Schedule I of this Act.

ii) Any other establishment

iii) Such classes of establishments which the CG may notify (even in the case, where number of employees is less than 20.)

all factories and other establishments with 10 or more persons employed in such establishment and the beneficiaries’ monthly wage does not exceed Rs 21,000 are covered (In Maharastra and Chandigarh limit is 20 members rather than 10)
4.) Continuance of applicability of the Act Once this Act applies, then even if the number of persons employed becomes less than 20 in future, its applicability still continues.
5.) Employees who are eligible for EPF Mandotry = Employees who drawing less than Rs. 15000/- per month. (<Rs.15,000/-)

Optional = Employees drawing more than Rs. 15000 per month with permission of Assistant PF Commissioner.

6.) Benefits available to employees – Saving of huge amount of money in the long term time at the time of retirement.

– During an emergency, it can help the employee.

– One time investment does not require.

– Deductions made on monthly basis from the employee’s salary.

benefits under this scheme:-

1) cash benefits (which includes sickness, maternity, disablement (temporary and permanent), funeral expenses, rehabilitation allowance, vocational rehabilitation and medical bonus) and, 2) non-cash benefits through medical care.

7.) Rate of Employee’s Contribution Employee’s Contribution:

12% of salary

https://taxguru.in/income-tax/present-rate-contribution-epf-eps-edli.html

the employee contribution rate is 1.00% of the wages and that of employers is 4.00% of the wages paid. For newly implemented areas, the contribution rate is 1% and 3% respectively for employee and employer for the first 24 months.

For newly implemented areas, the contribution rate is 1% and 3% respectively for employee and employer for the first 24 months.

(those employees whose daily average wage is Rs 137 as these employees are exempted from own contribution The employer is required to pay his contribution )

8.) Rate of Employer’s Contribution Employer’s Contribution:

12% of the Basic Salary of “ee”.

Bifurcations of Contribution:

EPF: 3.67% (Difference of “ee” share and Pension Contribution)

EPS: 8.33% of Basic Salary upto Rs.15,000

EDLI: 0.50%

EPF Admin Charges: 0.50% (wef 01.06.2018)

EDLIS Charges: 0% (w.e.f. 01.04.2017)

The employer is required to pay his contribution and deduct employees’ contribution from wages and deposit the same with ESIC within 15 days from the last day of the calendar month in which the contribution fall due.
3.)Withdraw permission You can withdraw the maximum amount of 90% of the total corpus, if you choose to withdraw the corpus 1 year before your retirement.

The event of loss of job has also been considered in the latest EPF withdrawal rules. According to these rules, 75% of the accumulated EPF corpus can be withdrawn 1 month after leaving the job. The remaining 25% can be withdrawn after 2 months of unemployment.

There are other options for partial withdrawal after a minimum of five to seven years of service. Such withdrawals can be on account of medical emergencies, house renovation, wedding, and home loan repayment.

Forms required to be filed Annexure-C Table 1
Compliances Checklist Annexure-D

Table 1

Forms required to be filed under ESI

Form 72 This form is used to request for a duplicate ESIC smart card request.
Form 23 This form is a life certificate form that is required to avail the permanent disablement benefit.
Form 24 This form is a declaration and certificate for availing disablement benefit.
Form 22 This form is used for making a claim for funeral expenses.
Form 20 This form can be used for availing maternity benefits after the death of the insured person.
Form 19 In order to claim maternity benefits and notice of work, this form has to be submitted.
Form 16 For making claims for periodical payment of disablement benefit, this form can be used
Form 15 This is a form used for making claims for availing dependent benefits.
Form 14 This is a claim form for permanent disability benefit.
Form 12 This is an accident report form from the employer.
Form 11 Accident book.
Form 9 This form is used for making claims for sickness, temporary disablement benefit, and maternity benefit
Form 6 This a register of the employees.
Form 5A If any beneficiary wishes to make an advance payment for his/her contribution, he/she can do so by submitting this form.
Form 5 This form is used to return contributions made by the employee.
Form 3 This is a form for return of declaration.
Form 2 To make changes in the declaration form, form 2 is used.
Form 1 This is a declaration form.
Form01 Employer’s registration form.
Form 1A Family declaration form
Form 142 This form is used for making claims for compensation for loss of earnings and conveyance allowance.
Form105 Certificate of entitlement.
Form 86 Certificate of employment.
Form 63 Declaration form with regards to payment to the legal heir.
Form 53 Application form for change in particulars of insured person.
Form 37 Certificate of re-employment or continuous employment
Form 32 Wage-contributory record for disablement benefit.

Annexure-C

Forms required to be filed under EPF

Form 31 It is also known as the PF Advance Form. It can be used for obtaining withdrawals, loans, and advances from the EPF account.
Form 10D This form is used for availing a monthly pension.
Form 10C This form is used to claim benefits under the EPF scheme. Form 10C is used to withdraw the funds that the employer contributes towards EPS.
Form 13 This form is used to transfer your PF amount from the previous job to your current one. This helps in keeping all the PF money under one account.
Form 19 This form is used to claim the final settlement of EPF account.
Form 20 Family members can use this form to withdraw the PF amount in case the account holder passes away.
Form 51F This form can be used by a nominee in order to claim the benefits of the Employees’ Deposit Linked Insurance

Annexure-D

Compliances Checklist

S.No. Provisions Compliance
1 Employer and Employee’s PF dues 15th of the following month
2 Payment of Pension Fund 15th of the following month
3 Payment of Insurance Fund 15th of the following month
4 Detail of employees Detail of employees enrolled as members PF fund, within 1 month of coverage in the prescribed form
5 Nomination Form Immediately on Joining the fund in the prescribed form
6 Addition of members Detail of newly enrolled members within 15 Days of the following month in the prescribed form
7 Deletion of member Detail of members left service during the monthbefore21st of the following month in the prescribed form
8 Details of contribution Detail of employees and employer’s contribution by 25th of the following month in the prescribed form
9 Detail of wages and contribution For each member details shall be given By 30th April every year
10 Yearly Consolidated statement of contribution To be forwarded yearly along with Form 3A
11 Return of ownership of the establishment Within 15 days on coverage and whenever there is a change in ownership
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