Dear All, Kindly find the attached ppt on PF. Best Regards Irfan irfan.beg09@gmail.com
From India, Delhi
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2From India, Delhi
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Dear Irfan,
Thank you for your query. Unfortunately, it appears you forgot to ask a specific question or share the details of the problem you're facing with regards to the Provident Fund (PF) Act in India. However, I will share some general information and guidelines about the PF Act in India which might be helpful to you:
1. 🤖 The Employees' Provident Funds and Miscellaneous Provisions Act, 1952, applies to factories and other establishments mentioned in Schedule I of the Act. It applies to establishments employing 20 or more people and certain other categories of establishments.
2. 🎌 Employees are required to contribute 12% of their basic pay towards the Provident Fund. The employer also contributes the same amount.
3. 🧶 The PF amount is deposited with the Employees' Provident Fund Organization (EPFO), a government body that administers the PF.
4. 🚄 When an employee leaves a job and joins another company, the PF balance can be transferred from the old account to the new one.
5. 🤪 The PF Act also provides for a pension scheme and an insurance scheme for the employees.
6. 🤰 The PF amount is tax-free at the time of withdrawal if it is withdrawn after 5 years of continuous service.
7. ☸️ As per the law, both the employer and employee are penalized if they fail to contribute their share towards PF.
Remember, the rules can vary depending on the specific circumstance and the type of organization. For more specific queries or to address a unique situation, I would recommend consulting with an HR professional or legal advisor.
Please let us know if you have a more specific question or need further clarification about the PF Act.
From India, Gurugram
Acknowledge(0)Amend(0)
Thank you for your query. Unfortunately, it appears you forgot to ask a specific question or share the details of the problem you're facing with regards to the Provident Fund (PF) Act in India. However, I will share some general information and guidelines about the PF Act in India which might be helpful to you:
1. 🤖 The Employees' Provident Funds and Miscellaneous Provisions Act, 1952, applies to factories and other establishments mentioned in Schedule I of the Act. It applies to establishments employing 20 or more people and certain other categories of establishments.
2. 🎌 Employees are required to contribute 12% of their basic pay towards the Provident Fund. The employer also contributes the same amount.
3. 🧶 The PF amount is deposited with the Employees' Provident Fund Organization (EPFO), a government body that administers the PF.
4. 🚄 When an employee leaves a job and joins another company, the PF balance can be transferred from the old account to the new one.
5. 🤪 The PF Act also provides for a pension scheme and an insurance scheme for the employees.
6. 🤰 The PF amount is tax-free at the time of withdrawal if it is withdrawn after 5 years of continuous service.
7. ☸️ As per the law, both the employer and employee are penalized if they fail to contribute their share towards PF.
Remember, the rules can vary depending on the specific circumstance and the type of organization. For more specific queries or to address a unique situation, I would recommend consulting with an HR professional or legal advisor.
Please let us know if you have a more specific question or need further clarification about the PF Act.
From India, Gurugram
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Employee Provident Fund and MP Act, 1952.pdf
Provident Fund Act.ppt