em­ploy­ees Prov­i­dent Fund

Most important mcq points on em­ploy­ees Prov­i­dent Fund & 

Mis­cel­la­neous Pro­vi­sions Act 1952.

1. Rs. 15,000 is the present wage limit to be el­i­gi­ble to be cov­ered un­der the Em­ploy­ees’ Prov­i­dent Funds and Mis­cel­la­neous Pro­vi­sions Act, 1952.


2.   The Act is ap­plic­a­ble to every es­tab­lish­ment which is a fac­tory en­gaged in any in­dus­try spec­i­fied in Sched­ule I and in which 20 or more then  twenty per­sons are em­ployed.


3. The chair­man and mem­bers of Cen­tral Board con­sti­tuted un­der Em­ploy­ees Prov­i­dent Fund are ap­pointed by Cen­tral Gov­ern­ment.


4.   The ac­counts of the Cen­tral Board is au­dited an­nu­ally by Comp­trol­ler and Au­di­tor-Gen­eral of In­dia 


5. The con­tri­bu­tion which shall be paid by the em­ployer to the Fund shall be  10 %.
   

6. An em­ployer who con­tra­venes or makes de­fault in com­ply­ing with the pro­vi­sions of sec­tion 6 of this act, shall be pun­ish­able with im­pris­on­ment for a term which may ex­tend to 3 years


7. This  Act shall not ap­ply to any es­tab­lish­ment reg­is­tered un­der the Co-op­er­a­tive So­ci­eties Act, 1912 (2 of 1912),  em­ploy­ing less than 50 per­sons and work­ing with­out the aid of power


8.  Em­ploy­ees’ Prov­i­dent Funds Ap­pel­late Tri­bunal was con­sti­tuted un­der Sec­tion 7D the this act


9.   Un­der this act, “In­sur­ance Fund” means De­posit Linked In­sur­ance Scheme.


10.  The Cen­tral Gov­ern­ment has amended the ceil­ing for con­tri­bu­tions un­der the Em­ploy­ees' Prov­i­dent Fund and Mis­cel­la­neous Pro­vi­sions Act, 1952 (EPF Act) and the Em­ploy­ees' Prov­i­dent Fund and Mis­cel­la­neous Pro­vi­sions Scheme, 1952 (EPF Scheme) from Rs. 6500/-  to Rs.15000/- with ef­fect from 1 Sep­tem­ber 2014.