Dear All,
I have heard that big organizations have a kind of Group Provident Fund, where the employer only maintains employees' PF contributions, which are then paid to the employee when they leave the company. I am seeking clarification on this information. Can an employer maintain such a fund? If so, should the organization be registered under EPF or not? Is there any possibility of getting an exemption from registering under EPF if we maintain such a fund?
Regards,
Vishwanath
From India, Hyderabad
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19I have heard that big organizations have a kind of Group Provident Fund, where the employer only maintains employees' PF contributions, which are then paid to the employee when they leave the company. I am seeking clarification on this information. Can an employer maintain such a fund? If so, should the organization be registered under EPF or not? Is there any possibility of getting an exemption from registering under EPF if we maintain such a fund?
Regards,
Vishwanath
From India, Hyderabad
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Ya Really good question as i know several Big companies maintain provident fund Trust but not group provident fund.... please clarify this.. Regards, Ramkishore
From India, Bangalore
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From India, Bangalore
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Dear Vishwanath,
I don't know the details of the above scheme. But as per Section 27 of the EPF & MP Act 1952, exemption from the operation of the scheme/s framed under the Act to an establishment, to a class of employees, and to an individual employee, as the case may be, may be granted if the said employees are covered with equal or better benefits.
Abbas. P. S
From India, Bangalore
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I don't know the details of the above scheme. But as per Section 27 of the EPF & MP Act 1952, exemption from the operation of the scheme/s framed under the Act to an establishment, to a class of employees, and to an individual employee, as the case may be, may be granted if the said employees are covered with equal or better benefits.
Abbas. P. S
From India, Bangalore
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EPF-Provident-F und-Calculator. xlsx
Provident fund.zip
PROVIDENT FUND.rar