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The EPFO's top decision-making body is the Central Board of Trustees (CBT), [2] [3] a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. [4] As of 2021, more than ₹ 15.6 lakh crore (US$209 billion) are under EPFO management. [5]
The Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952, mandates employers to pay 12% of the salary (consisting of basic wages, Dearness allowance, retaining allowance and value of food contribution) as a contribution on behalf of employer and employee each towards employees provident fund and employees pension fund every month.
Anti-Corruption Agency Act 1982 [Act 271] ( Repealed by the Anti-Corruption Act 1997 [Act 575] ) Employees Provident Fund Act 1951 [Act 272] ( Repealed by the Employees Provident Fund Act 1991 [Act 452] ) Workmen’s Compensation Act 1952 [Act 273] 6th Parliament of Malaysia (Total: 54) Finance (No. 2) Act 1982 [Act 274] Government Funding Act ...
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.
It runs three social security schemes for workers and employees in India. A provident fund is a kind of retirement scheme. It is mandatory for every private and self-employee (civil servants are covered by the Civil Servant's Pension System) under The Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
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Employees' State Insurance Corporation (ESIC), established by ESI Act, is an autonomous organisation under Ministry of Labour and Employment, Government of India.As it is a legal entity, the corporation can raise loans and take measures for discharging such loans with the prior sanction of the central government and it can acquire both movable and immovable property and all incomes from the ...
Presidential and Vice-Presidential Elections Act: 1952: 31 Mines Act: 1952: 35 Cinematograph Act: 1952: 37 Notaries Act: 1952: 53 Salaries and Allowances of Ministers Act: 1952: 58 Commissions of Inquiry Act: 1952: 60 Reserve and Auxiliary Air Forces Act: 1952: 62 State Armed Police Forces (Extension of Laws) Act: 1952: 63 Forward Contracts ...