Introduction The new labour Codes have brought in several changes to India’s labour law framework by codifying numerous Central laws. Amongst these is the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 which establishes three national social security programs, those being as follows:- Employees’ Provident Fund Employees’ Pension Scheme Employees’ Deposit Linked Insurance Scheme The Act has been subsumed under Chapter-III of the Code on Social Security, 2020 which must be examined with the definition…
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…