Employee PF act - MSBS

The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, commonly referred to as the EPF Act, is a cornerstone of social security legislation in India. It was enacted to provide retirement and long-term financial security to employees in the organized sector.

https://www.incometaxindia.gov.in/pages/acts/employees-provident-funds-miscellaneous-provisions-act.aspx

What is Employee PF act?

Objective of the EPF Act

The primary goal of the EPF Act is to ensure:

Financial stability for employees after retirement
Security during periods of unemployment or illness
Support to families in case of the employee’s untimely death

Employees' Provident Fund Scheme (EPF)

A mandatory saving scheme for employees.

Employees' Pension Scheme (EPS)

A portion of the employer’s contribution (8.33%) goes towards building a pension corpus.

Employees' Deposit Linked Insurance Scheme (EDLI)

Offers life insurance coverage to employees linked with their PF account.

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