Introduction The Employees’ Provident Fund Organization is one of the world’s largest social security providers which covers approximately 10,24,188 establishments with 1,934 lakh members as of the financial year 2016-17. It administers three major schemes, namely: – Employees’ Provident Funds Scheme Employees’ Pension Scheme Employees’ Deposit-Linked Insurance Scheme Prior to the onset of COVID-19, PF contribution rates were fixed at 12% for both employers and employees. This figure excludes administrative charges that are borne solely…
The Employee Provident Fund is a scheme established under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952. It operates based on a mutual contribution by the employer and the employee towards a corpus that acts as a retirement fund of sorts. Social security as welfare for the elderly is based on a conception of social security programs as a solution to market failure. The argument is that the market fails to address the…