An Employee Provident Fund (EPF) is supposed to be governed by very specific policies from the on-set of its creation. Issues like employee contribution, management or company counterpart/ share, member entitlements, withdrawals, membership termination, etc. are supposed to be the first things that should be addressed when it is created and starts operation.
Of course, there are organizations that start an EPF without them.
I have seen some organizations whose fund has grown so big, yet safeguards for the EPF is vague. That's why sometimes there are fraud in the management of such funds, esp when the laws are silent and/ or there is no government body that supervises or has oversight function over its operation/ admdinistration.
I suggest you create formal policies for your fund before it becomes too late.
My outfit especialises in the set-up of cooperatives, non-stock savings and loan associations, and provident funds. We can help you develop a complete policy manual for it.
Get in touch should you be interested.
Ed Llarena, Jr.
8th March 2005 From Philippines, Parañaque