Employees' Provident Fund Organisation: Difference between revisions
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==Structure== |
==Structure== |
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The EPFO has the dual role of being the enforcement agency to oversee the implementation of the [http://biblehr.com/the-employees-provident-fund-and-miscellaneous-provisions-act-1952-epf-act/ EPF & MP Act] and as a service provider for the covered beneficiaries throughout the country. |
The EPFO has the dual role of being the enforcement agency to oversee the implementation of the [http://biblehr.com/the-employees-provident-fund-and-miscellaneous-provisions-act-1952-epf-act/ EPF & MP Act] and as a service provider for the covered beneficiaries throughout the country. |
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The Act is administered by Central Board of Trustees, EPF a Statutory Board constituted by the Central Government under Section 5A of the Act. The CBT, as the Board is informally called, consists of a Chairman, a Vice Chairman, 5 Central Government Representatives, 15 State Government Representatives, 10 Employees' Representatives, 10 Employers' Representatives with Central P.F Commissioner and the Member Secretary to the Board. The Executive Committee of the CBT is constituted from among the members of the CBT to assist the Central Board in discharge of its function related to Administrative matters. |
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⚫ | Administratively, the |
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The officials of the organization in the Cadre of Commissioners are appointed by the Central Board under Section 5D for efficient administration of the Act and Schemes. To this end, the Commissioners of the Organization are vested with vast powers under the statute conferring quasi-judicial authority for assessment of financial liability on the employer, search and seizure of records, levy of damages, attachment and auction of a defaulter's property, prosecution and arrest and detention of defaulters in civil prison etc. |
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⚫ | Administratively, the organization is divided into zones which are headed by an Additional Central Provident Fund Commissioner. At present, there are 10 Zones across the country. Further below, the states have either one or more than one Regional Offices headed by Regional Provident Fund Commissioners (RPFC) (Grade I) which are again sub- divided into Sub-Regions headed by Regional Provident Fund Commissioners (Grade II). To assist them are Assistant Provident Fund Commissioners looking after the enforcement of the Act and Schemes. Many districts in the country have smaller district offices where an Enforcement Officer is stationed to inspect the local establishments and attend to grievances. |
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The total manpower of the EPFO is at present more than 20000 including all levels. The Commissioner cadre numbering 815 are recruited directly, competitively, through the Union Public Service Commission of India as well as through promotion from lower ranks. Subordinate Officers (Enforcement Officers/Accounts Officers) are also recruited directly in addition to promotion from the staff cadre of social security assistants. |
The total manpower of the EPFO is at present more than 20000 including all levels. The Commissioner cadre numbering 815 are recruited directly, competitively, through the Union Public Service Commission of India as well as through promotion from lower ranks. Subordinate Officers (Enforcement Officers/Accounts Officers) are also recruited directly in addition to promotion from the staff cadre of social security assistants. |
Revision as of 12:11, 21 June 2016
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Native name | [कर्मचारी भविष्य निधि संगठन] Error: {{Lang}}: unrecognized language tag: hindi (help) |
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Founded | INDIA(4 March 1952 | )
Headquarters | Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place, , New Delhi India |
Key people | Dr. V P Joy, Central Provident Fund Commissioner, P K Udgata Additional Central Provident Fund Commissioner, Rajesh Bansal Additional Central Provident Fund Commissioner |
Services | Provident Fund, Pension and Insurance schemes, Implementing agency for Bilateral Social Security Agreements |
Website | www |
The Employees' Provident Fund Organisation (abbreviated to EPFO), is an Organization tasked to assist the Central Board of Trsutees, a statutory body formed under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 15 Social Security Agreements are operational).[1] It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.[2] The EPFO's apex decision making body is the Central Board of Trustees (CBT).[3]
The total assets under management are more than ₹8.5 lakh crore (US$128 billion) as of 18 March 2016.[4]
On 1 October 2014, Prime Minister of India Narendra Modi launched universal account number for Employees covered by EPFO to enable PF number portability. [5]
Origin of the Scheme
The question of providing for the future of industrial workers after their retirement or for their dependents, in the event of their premature death engaged the attention of the Central Government for a long time. The first Provident Fund Act passed in 1925 for regulating the provident funds of some private concerns was limited in scope. In 1929 the Royal Commission on Labour stressed the need for formulating schemes for instituting provident funds for industrial workers. In the Indian Labour Conference held in 1948 it was generally agreed that the introduction of a statutory provident fund scheme for industrial workers might be undertaken. To test such a scheme in a restricted field the Coal Mines Provident Fund Scheme was launched in 1948. The success of this Scheme led to the demand for its expansion to other industries.
Accordingly, close of the year 1951 witnessed the promulgation of the Employees' Provident Funds Ordinance. The Ordinance promulgated on November 15, 1951 was replaced by the Employees' Provident Funds Act, 1952 which extended to the whole of India except Jammu and Kashmir. The Employees' Provident Funds Scheme, 1952 framed under section 5 of the Act was brought into force by stages and was enforced in its entirety by 01 November 1952.
Legal basis
The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. The organisation is administered by a Central Board of Trustees, composed of representatives of the Government of India, State governments, Employers and Employees. The board is chaired by the Union Labour Minister of India. The Chief Executive of the EPFO, the Central Provident Fund Commissioner, reports to the Union Labour Minister through the Secretary of Labour and Employment in the ministry. The headquarters of the organisation is in New Delhi.[2]
The Constitution of India under "Directive Principles of State Policy" provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want. The EPF & MP Act, 1952 was enacted by the Parliament of India and came into force with effect from 4 March 1952 as part of a series of legislative interventions made in this direction. Presently, the following three schemes are in operation under the Act:
- Employees' Provident Fund Scheme, 1952
- Employees' Deposit Linked Insurance Scheme, 1976
- Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971)
Appeals
The orders of the Department can be appealed to Employees' Provident Fund Appellate Tribunal[6] at New Delhi or at Bangalore if the employer is situated in states of Karnataka, Tamilnadu, Kerala, Andhra Pradesh, Telangana, Goa and Union Territories of Andaman and Nicobar Islands and Puducherry. The Delhi Tribunal is located at Scope Tower, Laxmi Nagar-sss, New Delhi and is presided by Presiding Officer who is a member of Judicial Service and by a Registrar who is deputed from the other central government cadres.
Structure
The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country.
The Act is administered by Central Board of Trustees, EPF a Statutory Board constituted by the Central Government under Section 5A of the Act. The CBT, as the Board is informally called, consists of a Chairman, a Vice Chairman, 5 Central Government Representatives, 15 State Government Representatives, 10 Employees' Representatives, 10 Employers' Representatives with Central P.F Commissioner and the Member Secretary to the Board. The Executive Committee of the CBT is constituted from among the members of the CBT to assist the Central Board in discharge of its function related to Administrative matters.
The officials of the organization in the Cadre of Commissioners are appointed by the Central Board under Section 5D for efficient administration of the Act and Schemes. To this end, the Commissioners of the Organization are vested with vast powers under the statute conferring quasi-judicial authority for assessment of financial liability on the employer, search and seizure of records, levy of damages, attachment and auction of a defaulter's property, prosecution and arrest and detention of defaulters in civil prison etc.
Administratively, the organization is divided into zones which are headed by an Additional Central Provident Fund Commissioner. At present, there are 10 Zones across the country. Further below, the states have either one or more than one Regional Offices headed by Regional Provident Fund Commissioners (RPFC) (Grade I) which are again sub- divided into Sub-Regions headed by Regional Provident Fund Commissioners (Grade II). To assist them are Assistant Provident Fund Commissioners looking after the enforcement of the Act and Schemes. Many districts in the country have smaller district offices where an Enforcement Officer is stationed to inspect the local establishments and attend to grievances.
The total manpower of the EPFO is at present more than 20000 including all levels. The Commissioner cadre numbering 815 are recruited directly, competitively, through the Union Public Service Commission of India as well as through promotion from lower ranks. Subordinate Officers (Enforcement Officers/Accounts Officers) are also recruited directly in addition to promotion from the staff cadre of social security assistants.
UAN
UAN is Universal Account Number. The UAN is a 12-digit number allotted to employee who is contributing to EPF will be generated for each of the PF member by EPFO. For example, 111222333444. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments and also remains same through the lifetime of an employee. It does not change with the change in jobs. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to view details of all the Member Identification Numbers (Member Id) linked to it. Once you have the UAN number and you register it, you can check many details.
EPFO has now started to provide refund of Administrative charges if all the KYC details are updated for all employees. This incentive program is announced for the Year 2016-2017.[7]
EPF Withdrawal New Rules- 2016
The Ministry of Labour and Employment, Government of India, has recently made few amendments in the Employees’ Provident Fund Scheme, 1952 (PF Scheme). These guidelines are mainly related to ‘early withdrawals‘ from Provident Fund & provisions related to PF withdrawals. These latest EPF withdrawal rules are effective from 10th February, 2016.[8]
Amendments are related to;
- Full EPF balance cannot be withdrawn before attaining the new Retirement Age of 58 years.
- Continuity of EPF membership.
- Increase in Age limit to withdraw 90% of PF balance.
- Partial withdrawal of EPF amount on Resignation.
- Increase of retirement age.
PF Forms
PF Form | Description |
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Form 1 Para 27 | Exemption from Operation of the Scheme[9] |
Form 2 Para 33 & 61(1) | Nomination and Declaration Form for Un exempted/Exempted Establishment[10] |
Form 3 Paras 35 & 42 | Contribution Cards for un exempted establishments[11] |
Form 4 Para 35 and 42 | Contribution card for employees other than monthly paid employees[12] |
Form 10 paragraph 36(2)(a) & (b) | Return of Members leaving service during the month[13] |
Form 11 Para 34 | Declaration by a person taking up employment in organisation with EPF[14] |
Form 20 | Form for claiming PF of a minor/deceased member[15] |
Form 19 Para 72(5) | Form for claiming PF dues[16] |
Form 31 | Application for Advance[17] |
Form 10C | PF withdrawal form- Pension Scheme[18] |
References
- ^ http://www.epfindia.gov.in/iw.html
- ^ a b "About Us". Employees' Provident Fund Organisation. Retrieved 2013-06-05.
- ^ PTI (2016-03-18). "Interest rate on Public Provident Fund cut to 8.1% from 8.7%". The Economic Times. Retrieved 2016-03-18.
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(help) - ^ PTI (2016-03-18). "EPFO to invest more in government bonds amid corporate loan defaults". The Economic Times. Retrieved 2016-03-18.
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(help) - ^ http://economictimes.indiatimes.com/articleshow/44833365.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
- ^ "EPFAT : Introduction". Employees' Provident Fund Organisation. Retrieved 2013-06-05.
- ^ EPFO (2016-03-03). "Incentive Refund Scheme- Universal Account Number (UAN)- EPF". bibleHR.com. Retrieved 2016-03-03.
{{cite web}}
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(help) - ^ EPFO- EPF Withdrawal New Rules, 2016 (2016-02-10). "EPF Withdrawal New Rules". bibleHR.com. Retrieved 2016-03-03.
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(help)CS1 maint: numeric names: authors list (link) - ^ "Exemption from Operation of the Scheme". Retrieved 1 June 2016.
- ^ "Nomination and Declaration Form for Un exempted/Exempted Establishment". Retrieved 1 June 2016.
- ^ "ontribution Cards for un exempted establishments". Retrieved 1 June 2016.
- ^ "Contribution card for employees other than monthly paid employees". Retrieved 1 June 2016.
- ^ "Return of Members leaving service during the month". Retrieved 1 June 2016.
- ^ "Declaration by a person taking up employment in organisation with EPF". Retrieved 1 June 2016.
- ^ "Form for claiming PF of a minor/deceased member". Retrieved 1 June 2016.
- ^ "Form for claiming PF dues". Retrieved 1 June 2016.
- ^ "Application for Advance". Retrieved 02 June 2016.
{{cite web}}
: Check date values in:|accessdate=
(help) - ^ "PF withdrawal form- Pension Scheme". Retrieved 1 June 2016.