Provident fund is a type of scheme where the salary of a monthly salaried is kept for pension person which only includes a small chunk of the salary for the purpose of giving it out at the end of the employment status of that set person in the given establishment..
The Provident funds is established by Employees Provident Fund Organization (EPFO). The concept of Provident Funds is a mandatory rule to follow in organization where the employees count is more than 20 members.
The fraction of salary goes into the savings of the each individual which would be awarded during the relieval state of the employee from the given place of work. The count would include all the works from electrical technician to the security personnel.
Employees’ Provident Fund and Miscellaneous Provisions Act 1952 is applicable to: Every establishment which is engaged in any one or more of the industries specified in Schedule I of the Act or any activity notified by Central Government in the Official Gazette. Employing 20 or more persons . Cinema theaters employing 5 or more persons.The Act does not apply: he co-operative societies employing less than 50 persons and working without the aid of power.
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