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ARTICLE · 13 JANUARY 2016

Employees' Provident Fund Organisation – Circular

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The Employees' Provident Fund Organisation vide its circular dated 8 January 2016 has removed the grace period available to employers (in terms of the Manual of Accounting Procedure (Part – I General)).

IndiaEmployment and HR
Anshul Prakash
Anshul Prakash
Abhishek Thanvi
Abhishek Thanvi
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Introduction

The Employees' Provident Fund Organisation (EPFO) vide its circular dated 8 January 2016 (Circular) has removed the grace period available to employers (in terms of the Manual of Accounting Procedure (Part – I General)), for payment of dues under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act) and the Employees' Provident Fund Scheme, 1952 (EPF Scheme), Employees' Pension Scheme, 1995 (EPS Scheme) and the Employees' Deposit Linked Insurance Scheme, 1976 (EDLI Scheme) (collectively, the Schemes) with effect from February 2016.

Background

Paragraphs 38(1) of EPF Scheme, 3 of the EPS Scheme and 8(1) of the EDLI Scheme specify a time limit of 15 days from the close of every month for the employer to make payments towards contributions to the provident fund, pension fund and insurance fund, respectively. However, through Paragraph 5.1.3 of the Manual of Accounting Procedure (Part – I General) as applicable to the Schemes,

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