Provident Fund - Page 22

Due Date for payment of Employee Provident Fund (EPF)

Due date for payment of Provident Fund contributions is 15 days from the end of month in which wages are paid (plus grace period of 5 days). Thus, if wages pertaining to April' 2012 is paid on, say, 7th May' 2012, due date for payment of Provident Fund contribution is 20th June' 2012 [i.e. 15th June' 2012 as increased by grace period of 5...

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International Worker allowed to withdraw full amount standing to his credit in PF fund

In accordance with amended para 69 (under para 83 of Employees’ Provident Fund Scheme, 1952), an International Worker is allowed to withdraw the full amount standing to his credit in the fund: • on retirement from service in the establishment at any time after attaining the age of 58 years; ...

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Posted Under: Corporate Law |

Portable Provident Fund A/c numbers coming soon

EPFO is reportedly planning to provide portable numbers to salaried individuals. The move might stem the trend of premature withdrawal which most people prefer over getting their accounts transferred while switching jobs. ...

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Posted Under: Corporate Law | ,

Government reduced interest rate on Provident Fund from 9.5 to 8.25 Percent

Government Thursday slashed interest rate on deposits in Employees Provident Fund from 9.5 percent to 8.25 percent for 2011-12 affecting over 4.7 crore subscribers. This cut was proposed by the Finance Ministry and a notification was issued by the Labour Ministry, official sources said. The Employees' Provident Fund Organisation (EPFO) ha...

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Posted Under: Corporate Law |

Coal Mines Provident Fund Commissioner is a Public Officer / Servant – Supreme Court

Coal Mines Provident Fund Commissioner through Board of Trustee Vs. Ramesh Chandra Jha (Supreme Court of India)

Having considered the submissions made on behalf of the Appellant and the Respondent appearing in-person, we are of the view that the judgment and order of the High Court does not require any interference, particularly when the issue raised in this Appeal has already been decided by this Court in Civil Appeal No.1932 of 1982, wherein it w...

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In case of default by the employer by an exempted establishment, in making its contribution to the Provident Fund Section 14B of the Act will be applicable – SC

Regional Provident Fund Commissioner Vs The Hooghly Mills Co. Ltd. & Ors. (Supreme Court of India)

RPFC Vs. The Hooghly Mills Co. Ltd. & Ors.(SC) - .The question which falls for consideration before this Court in this case is whether the employer of an establishment which is an ‘exempted establishment’ under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (hereinafter, ‘the Act’ ) is subject to the pro...

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Pension Under Provident Fund Schemes

In exercise of powers conferred under Section 6A of the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, the Central Government formulated the Employees’ Pension Scheme, 1995. The Scheme provides pensionary benefits to the members upon superannuation/retirement. In addition, in case of death of member/member pensioner,...

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Posted Under: Corporate Law |

CBI arrests Provident Fund Commissioner in Bribery Case

The Central Bureau of Investigation has arrested a Provident Fund Inspector of Guntur for demanding and accepting a bribe of Rs.7000/- from the complainant. The complainant, a Manager in Guntur based private firm has alleged that the Provident Fund Inspector, Guntur visited their firm on 24.10.11 and found all the registers & records in o...

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Posted Under: Corporate Law |

SC allows clubbing of two establishments as one for the purposes of the PF as there was unity of ownership, management, control, finance, labour and functional integrity

L. N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (Supreme Court of India)

L. N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (Supreme Court of India)- When two establishments are run by the same family under a common management with common work force and with financial integrity, they are expected to be treated as branches of one establishment for the purposes of the Provident Fund Act, the Su...

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PF and ESI Act covers unskilled workers too

The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 is applicable to all employees working in such establishments which are employing 20 or more workers and is falling under any of the Schedule Heads or class of establishments notified by the Central Government and getting wages up to Rs. 6500/- per month without any ref...

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Posted Under: Corporate Law |

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