The Act applies to every factory, engaged in industry prescribed by the Act, andemploys 20 or more persons.
The Act applies to every establishment and its departments and branches, inwhich 20 or more persons are employed. Educational Institutions are alsoconsidered as establishments.
‘Basic wages’ means all earnings by employee, paid or payable to him in cash, while onduty or paid leave.
Basic Wages does not include:
Bonus, commission or any other similar payment
Any presents made by the employer
Non-applicability of the Act:
Any registered Co-operative society employing less than 50 persons and workingwithout the aid of power.
Any Govt establishment that have a separate contributory provident fund or oldage pension.
An undertaking constituted under a separate Act.
Composition of Central Board of Trustees: -1 Chairman -1 Vice Chairman -1 Central PF commissioner -Maximum 5 officials representing CG -Maximum 15 officials representing SG. -10 persons representing employers -10 persons representing employees
Interest payable by Employer
For any delay in payment of any amount, employer shall be liable to pay a simple interest at 12% p.a. or at higher rate specified in the scheme
Protection against attachment:
The amount standing to the credit of any member of PF fund-
>Shall not in any way capable of being assigned or charged >Shall not be liable for attachment by any decree or court >Shall not be capable of being claimed by the official assignee >Shall be free from any debt or liability
Recovery of money from Employer:
The authorized officer shall issue a Recovery Certificate, specifying the amount due. Recovery Certificate shall be sent to the jurisdictional Recovery Officer.
Quantum of contribution: Employee – 10% of pay (Basic + DA + Retaining allowance). Employee can make a higher contribution) Employer – 10% of pay NOTE - IF U OBSERVED ANY MISTAKES , IN THE ABOVE POST , PLEASE LET US KNOW WE'LL RECTIFY IT in this Regard Contact us at TrollCA1122@Gmail.com