2. Introduction
Applicability of act
Objective of act
PF Contribution rate
Contribution in EPF by Employer
PF KYC
Documents required for correction on UAN
portal
EDLI purpose
Contribution under EDLI Scheme
Benefits of EDLI Scheme
Compliance Checklist under EPF
3. Introduction:-
• Provident fund is a welfare scheme for the benefits of the
employees.
• Under this scheme both the employee & employer contribute their
part but whole of the amount is deposited by the employer.
• Employer deduct the employee share from the salary of the
employee.
• Those earning basic wages more than 15000 per
month, EPF contribution is not mandatory.
• Also, the employer can choose to limit its contribution
towards EPF to 12 per cent of Rs 15,000 (Rs 1,800) under Section
26A of EPF act for those employees earning more
than Rs 15,000 per month as basic wages.
4. Applicability of EPF Act, 1952
• It is applicable to whole India .
• The Employees Provident Fund and Miscellaneous
Provisions Act, 1952 has been made applicable to the whole
of the Union Territories of Jammu & Kashmir and Ladakh with
effect from November 1, 2019. Now this act replaces the
Jammu & Kashmir Provident Fund Act, 1961.
• Applicable to all factories employing 20 or more people
• This act shall continue to apply even if employees fall short
any time .
5. Objectives of PF act,1952
• To provide social security to the employees in the form of old
age benefits or retirement.
• The act provides for payment of terminal benefits in various
contingencies such as retrenchment, closure, retirement on
reaching the age of superannuation, retirement due to
incapacity to work or voluntary retirement.
6. PF Contribution Rate:-
12% of all salary
components
except HRA,
Bonus, incentives.
Ceiling is 12% on
15000/- i.e 1800/-
only
Employee
Contribution
rate 12% of all salary
components
except HRA,
Bonus, incentives.
Ceiling is 12% on
15000/- i.e 1800/-
only
Employer
Contribution
rate
7. Contributions of Employer in PF
• 12% is total contribution
• Out of 12% , 3.67% from your employer contribution goes
into EPF account, while the balance 8.33% from
your employer's side is diverted to your
Employee's Pension Scheme (EPS).
• 0.5% is contributed in EDLI by employer.
• 0.5% is contributed towards EPF administration charges by
employer.
• 0.01 % is contributed towards EDLI administrative charges.
8. PF KYC
Theses documents are required for PF KYC
1. Aadhar card
2. Pan card
3. Bank account Details
4. Mobile Number
5. Email ID
9. Documents required for corrections on
UAN portal
• If there is spelling mistake in name than we require
Aadhar card with correct name.
• If there is mistake in Date of Birth than we require ,
birth certificate, leaving certificate or any such
certificate where date of birth is properly mentioned.
• If by mistake Your UAN is linked with someone else’s
adhaar card than at that time you have to contact to
your concerned HR department.
10. EDLI Purpose:-
• : To provide life insurance benefits to the
employees of the establishments covered by
the EPF & MP Act, 1952
11. Contribution under EDLI scheme,
1976
• 1. Employees : Not required
• 2. Employer :
• (a) 0.5% on Basic + DA
• (b) Administrative Charges : 0.01% on Basic +DA
• Where the monthly pay of an employee is more than Rs.
6,500 the contribution payable in respect of him by the
employer is limited to the amts payable on a monthly pay of
Rs. 6,500 only.
12. Benefits of EDLI Scheme:-
• The benefit provided under the scheme in the nature of life
insurance as follows:
• 1. On the death of an employment while in service a lump
sum insurance amount is payable to his nominee or family
members.
• 2. The insurance amount is equal to the average balance in
the account of the deceased employee in the Provident Fund
during a period of 12 months immediately preceding his
death.
• In case the average balance exceeds Rs.35,000/- the insurance
amount payable is Rs. 35,000/- plus 25% of the amount in
excess of Rs. 35,000/- subject to a ceiling of Rs. 60,000/-.
13. Compliance checklist under EPF
Sr. No. Provisions Compliance
1 Employer & Employee’s PF Due 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 member Detail of newly enrolled members within
15 Days of the following month in the
prescribed form
7 Advance PF withdrawal Form 31
8 Online Pension withdrawal Form 10 C
9 Full & Final PF withdrawal Form 15G
14. Sr.
no.
Provisions Compliance
10 Deletion of member Detail of members left service
during the monthbefore21st of the
following month in the prescribed
form
11 Details of contribution Detail of employees and
employer’s contribution by 25th of
the following month in the
prescribed form
12 Detail of wages and contribution For each member details shall be
given By 30th April every year
13 Yearly Consolidated statement of
contribution
To be forwarded yearly along with
Form 3A
14 Return of ownership of the
establishment
Within 15 days on coverage and
whenever there is a change in
ownership
15 Transfer of PF Form 13 needs to file
16 Final Settlement Form 10D, form 3A, Form 5, Form
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