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EPFO India, Employees’ Provident Fund Organisation and its EPFO Status in some states EPFO Pune, EPFO Chennai, EPFO Mumbai as Employee Provident Fund Organisation (EPFO) has sent a proposal to labour ministry to increase the salary limit for paying employee provident fund (EPF) to Rs 10,000 from the current limit of Rs 6,500.
It has also proposed covering companies with a minimum of 10 employees under the Employee Provident Fund and Miscellaneous Provisions Act (EPF & MP Act), 1952, against the present norm of a minimum of 20 employees.
A source close to the development said: “The current norms in EPF & MP Act, 1952, results in millions of workers being left out of the EPFO regulations. Therefore, we have proposed to the government to raise the salary cap and to lower the limit on the worker count in an establishment to be covered by EPFO.”
http://www.epfochennai.tn.nic.in/default.asp
The Constitution of India under “Directive Principles of State Policy” provides that the
State shall within the limits of its economic capacity make effective provision for securing
the right to work, to education and to public assistance in cases of unemployment, old-age,
sickness & disablement and undeserved want.
The EPF & MP Act, 1952 was enacted by Parliament and came into force with effect from 14th
March,1952. A series of legislative interventions were made in this direction, including the
Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. Presently, the following
three schemes are in operation under the Act:
1. Employees’ Provident Fund Scheme, 1952
2. Employees’ Deposit Linked Insurance Scheme, 1976
3. Employees’ Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)
The Employees’ Provident Fund Organisation, India, is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions that it has been carrying on.