Dear All Friends,Employee Provident Fund is one of the biggest social security scheme instituted for industrial workers in the world. The scheme instituted through an Act of parliament to provide for the institution of provident fund, pension fund and deposit-linked insurance fund for employees in factories and other establishements. The Act and Schemes run in to hundreds of pages which is a complex subject imbibing the social ethos of the country, which is difficult to understand in its real sense. E.P.F. Act. has been amended fifteen times till 1998. The network of the entire social security scheme is day by day expanding its reach.In its inception the act provided for contributory PF in six major organised industries mentioned in the scheduled of the act except undertakings owned by Central or State Govt. or by local authority. Initially it was applicable on employment of 50 persons with 6.25% rate on total emoluments with infancy period of 3 years for new establishments. The Act came on institute book on 4th March, 1952 and since then amended many times to keep pace with the time and the nomenclature of the act was also changed from time to time. The scheduled industries have also been increased to cover as many as possible . The erstwhile pension scheme was also replaced by new one in 1995 named as Employee Pension Scheme.Based on Readers demand It was long felt need to present this complex subject in to simple question and answer form for HR professionals. Cover Feature of June 2008 issue is on entire subject of P.F.Any one interested for annual subscription of the magazine and also a free trial copy may contact.regards,Anil KaushikChief Editor - Business Manager - HR MagazineSmriti Sadan, 28-Raghu Marg, Alwar - 301001 (Raj.)
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