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The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India. [9] The board is chaired by the Union Labour Minister of India. Presently, the following three schemes are in operation under the Act: Employees' Provident Fund Scheme, 1952
Legally, the EPF is only obligated to provide 2.5% dividends (as per Section 27 of the Employees Provident Fund Act 1991). [8] The EPF claims that the lowered dividend is the result of its decision to invest in low-risk fixed revenue instruments, which produce lower returns but maintains the principal value of its members' contributions.
Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
The Employees' Provident Fund, abbreviated to EPF, is a social security scheme of employees in Sri Lanka under the Central Bank of Sri Lanka. It was established under Act No. 15 of 1958 by S. W. R. D. Bandaranaike , [ 3 ] and as of December 2010, it had Rs 899.6 billion, which is equivalent to 16% of the GDP. [ 4 ]
Employees Provident Fund (disambiguation) Established Programs Financing, a former transfer program to the provinces managed by the Government of Canada. European Parliamentary Forum; European Peace Facility, a financing instrument of the Common Foreign and Security Policy
Provident fund is another name for pension fund.Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.