Employees Provident Funds and Miscellaneous Provisions Act,
1952
The Employees Provident Funds and Miscellaneous Provisions Act,
1952 (the "EPF Act") provides for the institution of
provident funds, pension funds, and deposit-linked insurance funds
for employees and applies to all establishments employing 20 or
more persons or class of persons. An establishment to which the EPF
Act applies shall continue to be governed by this Act,
notwithstanding that the number of persons employed therein at any
time falls below 20.
On account of 2014 Amendment to the said Act, The definition of
"excluded employee" has been amended whereby the members
drawing wages exceeding Rs 15,000 per month have been excluded from
the provisions of the PF Scheme. Accordingly, the wage ceiling for
an employee to be eligible for the PF Scheme has been increased
from Rs 6,500 per month to Rs 15,000 per month. It further provides
that every employee employed in or in connection with the work of
