Provident Fund
Need to register a Provident Fund?
Provident Fund Registration Starting at Just Rs.7,499/- (Inclusive of all Govt. Fees).
Employee Provident Fund (EFP)
The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. Six industries namely Cigarettes, Electrical, mechanical or general engineering products, Iron and Steel, Paper and Textiles (made wholly or in part of cotton, wool or jute or silk, whether natural or artificial) came under implementation of the Act wef 1 November 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.
Important things to consider
Provident Fund
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: 1. Employees' Provident Fund Scheme, 1952 2. Employees' Deposit Linked Insurance Scheme, 1976 3. Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971)
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.
EPF Withdrawal New Rules- 2016
The Ministry of Labour & 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 10 February 2016. Amendments are related to; 1. Full EPF balance cannot be withdrawn before attaining the new Retirement Age of 58 years. 2. Continuity of EPF membership. 3. Increase in Age limit to withdraw 90% of PF balance. 4. Partial withdrawal of EPF amount on Resignation. 5. Increase of retirement age.
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