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ARTICLE · 02 FEBRUARY 2015

Significant Amendments To Provident Fund Laws

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The Ministry of Labour & Employment has issued four notifications in August 2014 amending the provisions of the following the schemes framed under Employees' Provident Funds and Miscellaneous Provisions Act...

IndiaEmployment and HR
Aliff Fazelbhoy
Aliff Fazelbhoy
Kruti Desai
Kruti Desai
Mallika Noorani
Mallika Noorani
Apeksha Mattoo
Apeksha Mattoo

The Ministry of Labour & Employment has issued four notifications in August 2014 amending the provisions of the following the schemes framed under Employees' Provident Funds and Miscellaneous Provisions Act, 1952 ("EPF Act"):

(i) The Employees' Provident Funds Scheme, 1952 ("PF Scheme");

(ii) The Employees' Pension Scheme 1995 ("Pension Scheme"); and

(iii) The Employees' Deposit-Linked Insurance Scheme, 1976 ("EDLI Scheme")

The amendments have come into force with effect from 1 September 2014. Some of the relevant amendments are summarised below.

Increase In Minimum Pay From Rs. 6,500 To Rs. 15,000

  • The existing wage limit on which provident fund ("PF") contributions are payable by the employer and employee on the employee's pay has been increased from Rs. 6,500 to Rs. 15,000.

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