Employee Provident fund Act
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What is Employee Provident fund act?
Provident fund is a welfare scheme for the benefits of the employees. Under this scheme both the employee & employer contribute their part but whole of the amount is deposited by the employer. Employer deducted the employee share from the salary of the employee. The interest earned on this investment is also credited in pf account of the employees.
Deliverables
Applicability of the Act It is applicable:
a) Every factory engaged in any industry specified in Schedule 1 in which 20 or more persons are employed;
b) Every other establishment employing 20 or more persons or class of such establishments which the Central Govt. may notify;
c) Any other establishment so notified by the Central Government even if employing less than 20 persons.
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