PPT on Provident fund New Amendments 2020 : THE EMPLOYEES' PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952

1. EPFO
The Employees' Provident Fund Organisation (EPFO), is an
organization tasked to assist the Central Board of Trustees, Employees'
Provident Fund a statutory body formed by the Employees' Provident Fund
and Miscellaneous Provisions Act, 1952 and is under the administrative
control of the Ministry of Labour and Employment, Government of India.
Employees' Provident Fund Organisation
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2. Central Board of Trustees
The Act and Schemes framed there under are administered by a tri-
partite Board known as the Central Board of Trustees, Employees'
Provident Fund, consisting of representatives of Government (Both
Central and State), Employers and Employees.
CBT
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3. APPLICABILITY & OBJECTIVE
• It extends to the whole of India.
• The EPF Act is applicable to establishments who employ a minimum of 20
employees and notified by the Central Government.
• An universal Social Security Coverage on mandatory basis by way of
Provident Fund, Pension and Life Insurance for all workers of the country.
Created by Pradipta Kumar Rout (02 Jan 2020)

4. SCHEMES UNDER THE PROVISION.
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 Employees' Family Pension
Scheme, 1971)
Created by Pradipta Kumar Rout (02 Jan 2020)

5. I. Employees’ Provident Fund
a) All employees with wages up to Rs 15,000 required to join the Fund.
b) Accumulations payable on retirement, resignation, death. (Interest rate for FY 2018-19 is 8.65%)
c) Partial withdrawals permitted for Acquiring house or site; Marriage of self or dependents;
Education of children; financing life insurance policies; Treatment of illness etc.
II. Employees’ Pension Scheme
a) Entitlement for pension after 10 years of service & on attaining the age of 58 years.
b) Minimum pension of Rs 1,000/-
c) Pension admissible to dependents; widow, children, dependent parent, nominee.
III.Employees’ Deposit Linked Insurance Scheme
a) Employees’ Deposit Linked Insurance scheme provides for a lump sum payment to the insured’s
nominated beneficiary in the event of death due to natural causes, illness or accident.
b) The pay-out to be awarded will be calculated as under: {Average Monthly Salary of the
Employee for the last 12 months (capped at 15,000/- p.m.) x 30 } + Bonus Amount (Rs.
1,50,000/-). Maximum admissible amount Rs 6 lac & minimum Rs 2.5 lac to the Nominee of
deceased employee.
EPF BENEFITS
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6. PRESENT RATES OF CONTRIBUTION
EPF Contribution consists of two parts: Employee’s and Employer’s contribution.
a) The employee makes a contribution of 12% of basic salary + D.A. towards his EPF account.
The employee has to make a lower 10% contribution in case the establishment has less than
20 employees or for industries such as Jute, Beedi, Brick, Coir and Guar gum Factories.
b) The employer makes a contribution of 8.33% towards the EPS (Employees’ Pension Scheme)
account of the employee. Another 3.67% is added to the EPF account of the employee.
c) The employer also makes 0.50% of contribution towards the EDLI (Employees’ Deposit
Linked Insurance) account of the employee.
d) The employer has to pay an additional charge for administrative accounts at a rate
of 0.50% W. e. f. 1st June 2018. The minimum administrative charge is ₹ 500 & if there is no
contribution for a specific month, the employer has to pay a fee of ₹ 75 for that month.
Created by Pradipta Kumar Rout (02 Jan 2020)

7. EMPLOYER RESPONSIBILITIES
1) Generate UAN for new employee and upload KYC information.
2) Update family particulars and nomination of all employees who are EPF members.
3) Deduct employee share from employee wages, add matching employer contribution,
EDLI contribution and administrative charges and remit to EPF along with prescribed
return immediately after disbursement of salary. (last date 15th of the month).
4) For all new employees joining an establishment ascertain if she/he is having an UAN.
5) If yes, whether UAN is KYC enabled? If yes then collect the KYC furnished earlier
by employee to previous employer and confirm the same to EPFO.
6) If employee is having UAN but no KYC, collect and upload KYC.
Created by Pradipta Kumar Rout (02 Jan 2020)

8. EPF MEMBERS’ SERVICES
1) Correct updated information about his/her EPF Account.
2) Electronic updates (SMS to registered Mobile Number/ Passbook)
on credits/debits to EPF Account.
3) Portability of EPF Member Account.
4) Uniquely identifiable Member Account.
5) Digitally certified member accounts to pre-empt frauds/ mis-credits.
6) Claims settlement without employers’ intermediation.
Created by Pradipta Kumar Rout (02 Jan 2020)

9. FORMS
EPF Form Use of the EPF Form
Form 11 Declaration Form
Form 31 EPF Advance
Form 14 Buying LIC Policy
Form 10C For claiming withdrawal benefits/scheme certificate of EPS
Form 10D For claiming monthly pension
Form 13 EPF Account Transfer
Form 19 Final Employees’ Provident Fund Settlement
Form 20 EPF Final settlement in case of death of the employee
Form 5(IF) Claim as per the EDLI scheme
Form 15G To save TDS on the interest income on EPF
Created by Pradipta Kumar Rout (02 Jan 2020)

10. THANK
YOU
Created by Pradipta Kumar Rout (02 Jan 2020)