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Discussion > Labour & Service Law > > CONTRIBUTION OF EMPLOYERS - PROVIDENT FUND   Unanswered Threads Post New Topic

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[ Scorecard : 461]
Posted On 22 December 2007 at 09:15 Report Abuse

[font=""trebuchet ms""] [url=]a) The Employees' Provident Fund Scheme[/url][/font] [align=justify][font=""trebuchet ms""]In respect of establishments employing 20 or more persons and engaged in industry notified under  Section 6  of Act ( other than the Establishments. declared as sick ) 12% of the basic pay DA , Cash value of food concession and retaining allowance , if any, subject to a maximum of Rs.6500/- per month. Voluntary higher contributions are also acceptable at the joint request of the member and the employer . However, the rate of contribution is 10% in respect of the following categories of establishments:[/font][/align] [list][*][font=""trebuchet ms""] Any establishment covered prior to 22.9.97 in which less than 20 persons are employed.[/font][/*] [font=""trebuchet ms""]
[/font] [*][font=""trebuchet ms""] Any sick industrial company as defined in Clause(0) of Sub-Section(1) of Section 3 of the sick industrial companies ( special provisions ) Act 1985 and which has been declared as such by the Board for Industrial and Financial Reconstruction.[/font][/*] [font=""trebuchet ms""]
[/font] [*][font=""trebuchet ms""] Any Establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth. [/font][/*] [font=""trebuchet ms""]
[/font] [*][font=""trebuchet ms""] Any Establishment engaged in manufacturing of  (a) Jute , (b) Beedi , (c) Brick , (d) Coir (other than spinning sector), (e) Guar Gum Industries/Factories. [/font][/*][/list] [font=""trebuchet ms""][url=] b) The Employees' Pension Scheme[/url]

From and out  of employer's share of Provident Fund contributions 8.33% of the total wages limited to Rs. 6500/- per month is segregated and credited to the Employees' Pension Fund in  A/C No. 10 ( w.e.f. 1-06-2001 ).  The Central Government also would contribute at the rate of 1.1 / 6% of total wages.
[/font][align=justify][font=""trebuchet ms""][url=]c) Employees' Deposit Linked Insurance Scheme:[/url]
[/font][/align] [align=justify] [color=""#000000""][font=""trebuchet ms""] No amount is recovered from employee's wages . Employer should pay 0.5% of total wages subject to a ceiling of Rs. 6500/- per month ( w.e.f. 1-06-2001 )[/font][/color][font=""trebuchet ms""]. [/font][/align]

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