The employees Provident Fund came into existence with the promulgation of the employee’s provident funds ordinance on the 15th November 1951. It was replaced by the employees provident fund act, 1952. The act is now referred as the Employees Provident Funds & Miscellaneous Provisions Act, 1952.
The EPFO operates three schemes:
- The Employees Provident Funds Scheme 1952 (EPF)
- The Employees Pension Scheme 1995 (EPS)
- The Employees Deposit Linked Insurance Scheme 1976 (EDLI)
The Employees Provident Funds Scheme 1952 (EPF)
- Benefits
- Accumulation
- plus interest retirement, resignation , death, partial withdrawals allowed for specific expenses such as house
- construction , Higher education, Marriage, illness etc…
- Partial withdrawals allowed for specific expenses such as house constructions, higher education, illness marriage etc….
- Nomination
- There is a common form for all the three schemes, FORM 2 (R) the nomination in case of EPF scheme are also applicable for the EDLI schemes.Member having family can nominate any one or more of the family members as defined under the para 2 of the EPF schemes 1952.Member not having any family member as defined in the said para can nominate any other person but the nomination will become invalid in case of the member acquiring family
- Claim Forms
- For final settlement by member – Form 19For Transfer of old account to the new one – Form 13.For Withdrawal in certain cases – Form 31For Financing LIC Policy – Form 14
- For Final settlement in favour of nominee/ beneficiary of a deceased member – Form 20
The Employees Pension Scheme 1995 (EPS)
- Benefits
- Monthly benefits for superannuation/retirement, disability, survivor, widow, Children.Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment.Minimum pension on disablement.
- Past service service benefits to participants of family pension scheme – 1971.
- Nomination
- Member has to give the names of spouse and all children’s in the formIn case the member has no family, one person can be nominated
- However, such nomination will become invalid once the member acquires a family.
- Claim Forms
- For Monthly pension – Form 10D
- For withdrawal benefits and scheme certificates – Form 10c
The Employees Deposit Linked Insurance Scheme 1976 (EDLI)
- Benefits
- The benefit provided in case of death of an employee who was member of the scheme at the time of death
- According to revised scheme payment of benefits amount to be 20 times of the wages or based on the deposit in the provident fund, which ever less, with increase in the wages ceiling from 6500/- to 15000/- from 01.09.2014, the maximum benefits amount has become 3 lakh and an additional 20% of the benefits amount calculated is also paid.
- Nomination
- The nomination under EPF scheme will be applicable for the EDLI scheme also
- Claim Forms
- For claiming insurance benefits by a nominee/beneficiary in case of member death while in service – 5IF
