EPFO – EMPLOYEES PROVIDENT FUND & MISCELLANEOUS PROVISIONS ACT, 1952 :

EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members.

The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952.

The Employees’ Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India.

The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund,consisting of representatives of Government (Both Central and State), Employers, and Employees.

The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India. The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 135 locations across the country. The Organization has a well equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for trainings and seminars.The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India EPFO Organisation Structure (Annual Report 2015-16)

The Board operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).

Employees’ Provident Fund Organisation has a vision to reposition itself as a world class Social Security Organisation providing futuristic services meeting the growing requirements of all categories of its stakeholders. EPFO Vision 2030 envisages:

Universal Social Security Coverage on mandatory basis by way of Provident Fund, Pension and Life Insurance for all workers of the country

Online Services for all EPFO benefits with State-of-the-Art Technology

Implementation of policies for a benefit structure with adequate support level of social security

EPF Scheme 1952

Accumulation plus interest upon retirement and death

Partial withdrawals allowed for education, marriage, illness and house construction

Housing Scheme for EPFO Members to achieve Hon’ble Prime Minister’s Vision of housing to all Indians by 2022

Pension Scheme 1995 (EPS)

Monthly benefit for superannuation/retirement, disability, survivor, widow(er) and children

Minimum pension on disablement

Past service benefit to participants of erstwhile Family Pension Scheme, 1971

Insurance Scheme 1976 (EDLI)

Benefit provided in case of death of an employee who was a member of the scheme at the time of death

Benefit amount 20 times of the wages. Maximum benefit of 6 lakh.

FOR EMPLOYERS

The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 applies to the Factories engaged in Industries specified in Schedule I of the Act or to other establishments notified and engaging 20 or more employees.

To facilitate easy compliance by the Big Industries, Micro, Small and Medium Enterprises (MSME), other Establishments EPFO has provided online facilities starting from the registration of the Establishments, filing of monthly returns integrated with online payment of the contributions and charges.

The process for all the online facilities are explained through well illustrated documents and FAQs and even the probable entrepreneurs can visit the site and collect the information

Services Provided by us

• Registration
• Monthly Contributions & Return Filing
• Employees K Y C
• Managing EPF Accounts
• Claims and Settelements  (Super-Annuation, Loans, Pension, Death Claims etc.,)

ESIC – EMPLOYEES STATE INSURANCE CORPORATION UNDER EMPLOYEES STATE INSURANCE ACT, 1948 :

The promulgation of Employees’ State Insurance Act, 1948(ESI Act), by the Parliament was the first major legislation on social Security for workers in independent India. It was a time when the industry was still in a nascent stage and the country was heavily dependent on an assortment of imported goods from the developed or fast developing countries. The deployment of manpower in manufacturing processes was limited to a few select industries such as jute, textile, chemicals etc. The legislation on creation and development of a fool proof multi-dimensional Social Security system, when the country’s economy was in a very fledgling state was obviously a remarkable gesture towards the socio economic amelioration of a workface though limited in number and geographic distribution. India, notwithstanding, thus, took the lead in providing organized social protection to the working class through statutory provisions.

The ESI Act 1948, encompasses certain health related eventualities that the workers are generally exposed to; such as sickness, maternity, temporary or permanent disablement, Occupational disease or death due to employment injury, resulting in loss of wages or earning capacity-total or partial. Social security provision made in the Act to counterbalance or negate the resulting physical or financial distress in such contingencies, are thus, aimed at upholding human dignity in times of crises through protection from deprivation, destitution and social degradation while enabling the society the retention and continuity of a socially useful and productive manpower.

The scheme was inaugurated in Kanpur on 24th February 1952 (ESIC Day) by then Prime Minister Pandit Jawahar Lal Nehru. The venue was the Brijender Swarup Park, Kanpur and Panditji addressed a 70,000 strong gathering in Hindi in the presence of Pt.Gobind Ballabh Pant, Chief Minister Uttar Pradesh; Babu Jagjivan Ram, Union Labour Minister; Raj Kumari Amrit Kaur, Union Health Minister; Sh.ChandrabhanGupt, Union Food Minister and Dr.C.L.Katial, the first Director General of ESIC.

The scheme was simultaneously launched at Delhi as well and the initial coverage for both the centres was 1,20,000 employees. Our first prime Minister was the first honorary insured person of the Scheme and the declaration form bearing his signature is a prized possession of the Corporation.

It is important to mention here that it blossomed as the first social security scheme in 1944, when the Govt. of the day was still British.The first document on social insurance was “Report on Health Insurance” submitted to the Tripartite Labour Conference, headed by Prof. B.P.Adarkar, an eminent scholar and visionary. The Report was acclaimed as a worthy document and forerunner of the social security scheme in India and Prof. Adarkar was acknowledged as “Chhota Beveridge” by none other than Sardar Vallabhbhai Patel. Sir, William Beveridge, as all know, was one of the high priests of social insurance. The report was accepted and Prof. Adarkar continued to be actively associated with it till 1946. On his disassociation he strongly advocated management of the Scheme by an expert from ILO. In 1948 Dr. C.L.Katial, an eminent Indian doctor from London took over as the 1st Director General of ESIC and he steered the affairs of the fledgling Scheme till 1953.

Since the red letter day of 24th February in the annals of social security in India, there has been no looking back. A lighted lamp which is the logo of ESIC truly symbolises the spirit of the Scheme, lighting up lives of innumerable families of workers by replacing despair with hope and providing help in times of distress, both physical and financial.

During the 68 years of its existence, ESIC has grown from strength to strength and the Corporation owes it, most of all, to the commitment, dedication and perseverance of persons like Prof. Adarkar and Dr. Katial.