In India, the legal requirements for employees' provident fund and other benefits are primarily governed by various labor laws and regulations. The Employees' Provident Funds and Miscellaneous Provisions Act, 1952, is one of the central pieces of legislation that mandates and regulates provident fund benefits. Here are the key legal requirements for employees' provident fund and other benefits in India: Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act): The EPF Act applies to factories and other establishments specified in the Act, where 20 or more employees are employed. Under this Act, employers are required to contribute a certain percentage of their employees' basic wages and dearness allowance to the Employees' Provident Fund (EPF) Scheme. Employees' Pension Scheme, 1995 (EPS): The EPS is an integral part of the EPF Act. It provides pension benefits to employees who are members of the EPF Scheme. Employers are required to contribute to the Pension Fund on behalf of their employees. Employees' Deposit-Linked Insurance Scheme, 1976 (EDLI): The EDLI Scheme provides life insurance coverage to EPF members. Employers are required to contribute to the EDLI Scheme on behalf of their employees. Gratuity: The Payment of Gratuity Act, 1972, mandates that employers provide gratuity to their employees who have completed at least five years of continuous service. The gratuity amount is based on a formula specified in the Act. Maternity Benefits: The Maternity Benefit Act, 1961, provides for maternity benefits to women employees, including paid leave during pregnancy and childbirth. Workmen's Compensation: The Workmen's Compensation Act, 1923, requires employers to provide compensation to employees or their dependents in case of injury, disablement, or death arising out of and during the course of employment. Bonus: The Payment of Bonus Act, 1965, mandates the payment of an annual bonus to eligible employees based on a formula specified in the Act. Leave Benefits: Various labor laws, such as the Factories Act and Shops and Establishments Acts in different states, provide for leave benefits, including annual leave with pay, sick leave, and casual leave. Social Security Schemes: The Employees' State Insurance Act, 1948 (ESI Act), provides medical and cash benefits to employees during sickness, maternity, disablement, or death due to employment injury. Other Benefits: Employers may provide additional benefits, such as health insurance, housing allowances, and education allowances, as per employment contracts and company policies. Employers must ensure compliance with these laws and provide these statutory benefits to their employees. The specific contribution rates, eligibility criteria, and other details can vary, so it's important to consult the relevant laws, regulations, and updates for the most current information regarding employees' provident fund and other benefits in India.

Dear client, Provident Fund Employees’ Provident Fund is a statutory benefit payable to employees working in India. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ("Act") is applicable pan-India. The administration and management of Employees’ Provident Fund (EPF) is carried out by the Central Board of Trustees (CBT) established by the Central Government consisting of representatives of the Government, employers and employees respectively. The Employees’ Provident Fund Organization (EPFO) assists this Board in its activities. Concept of Employees’ Provident Fund EPF is a welfare scheme brought into force to secure a better future for employees. It is a statutory benefit available to the employees post retirement or when they leave the services. In case of deceased employees, their dependents will be entitled for the benefits. Under the Employees’ Provident Fund Scheme (EPF Scheme) both employers and employees have to make their contributions towards the Fund. Interest earned on the amount is credited to the member’s Provident Fund Account (PF account) and is available to the employee at the time of retirement or exit from employment as the case may be, provided certain conditions are fulfilled. Types of schemes under the Act Employees’ Provident Fund Scheme, 1952: Employees’ Provident Fund Scheme was set up under the Act for the purpose of providing a post retirement benefit for the employees or a class of employees or their legal heirs in case of death, employed under an establishment to which this Act applies. Employees’ Pension Scheme, 1995: Employees’ Pension Scheme was framed under the Act for the purpose of providing the superannuation pension, retiring pension or permanent total disablement pension to the employees of any establishment or class of establishments to whom this Act applies; and widow or widower’s pension, children pension or orphan pension payable to the beneficiaries of such employees. Employees’ Deposit-linked Insurance Scheme, 1976: Employees’ Deposit-linked Insurance Scheme (EDLI Scheme) was framed under the Act for the purpose of providing insurance benefits to the employees of an establishment or a class of establishments to whom this Act applies in case of death while in service. Applicability Employees’ Provident Fund has been set up under The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (“Act”) applicable pan-India. The Act is applicable to every factory or industry mentioned in Schedule 1 of the Act, wherein 20 or more persons are employed or to any other establishment which the Central Government specifies by notification in the official Gazette, even when the number of employees is less than 20. Eligibility to be the member of EPF Enrollment for PF membership is mandatory for: 1. Any person employed for wages for any work of an establishment either manual or otherwise. 2. Any person employed through a contractor or engaged as an apprentice but not being an apprentice under Apprentices Act, 1961. 3. Any person under the standing orders of an establishment, earning less than or equal to Rs. 15,000 per month other than the excluded and exempted employees under Section 17 of the Act. Withdrawals from EPF account 1. The funds from an EPF account can be withdrawn completely in full settlements on attaining 58 years of age or at the time of retirement the employee can claim for a complete settlement or if an employee remains unemployed for a period of 2 months or more or in the case of death while in service before attaining the age of retirement, in which case the nominees or legal heirs are entitled to withdraw the accumulated fund. 2. The partial withdrawal of funds from the EPF is available for educational opportunity, medical treatment, repayment of home loan, marriage, purchase of land/house/flat, in case the establishment/factory is closed, natural calamity, an year before retirement and unemployment for a period of more than one month. Benefits The employees covered under the various schemes of the Act are entitled for the following benefits 1. Employees can take advances or make withdrawals. 2. PF amount of a deceased member is payable to the nominees or legal heirs. 3. The employer not only contributes towards the PF but also makes the necessary contributions towards the employee’s pension which can be used by the employee post-retirement 4. Under the EDLI Scheme employees are properly insured in order to avail the lump sum benefit at the time of death while in service. 5. EEE (Exempt, Exempt, Exempt) tax benefit under the Income Tax Act enables tax-free returns for the employees. 6. Employees receive special benefits in the form of added income to their savings in the form of interest. 7. PF account can be transferrable if any member changes employment from one establishment to another where such Provident Fund scheme is applicable. Should you have any queries, please feel free to contact us!