Group Provident Fund

Dear All,
I hear big organization own a kind of Group Provident Fund, where employer only will maintain employees pf contribution and it shall be paid to employee as and when he leaves the company. I only knew this information. please any one suggest me. Can an employer maintain such fund? If so should the organization be registered under EPF or not? Can we get any exemption to register under EPF if we maintain such fund.?
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Vishwanath

Ya Really good question as i know several Big companies maintain provident fund Trust but not group provident fund.... please clarify this..
Regards,
Ramkishore

Dear Vishwanath,
I don't know details of the above scheme. But as per section 27of the EPF & MP Act 1952, exemption from the operation of the scheme/s framed under the Act to an establishment , to a class of employees and to an individual employee, as the case may be granted; if the said employees are covered with equal or better benefits.
Abbas.P.S