What is the Provident Fund Act, and why was it enacted?

The Provident Fund Act, enacted in 1952, was designed to provide financial security to employees after retirement by mandating regular contributions from employees and employers.

Who is eligible for coverage under the Provident Fund Act?

Employees earning less than ₹15,000 per month are compulsorily covered, and employers with 20 or more employees must contribute.

What are the key provisions of the Provident Fund Act?

Key provisions include mandatory employer-employee contributions, tax benefits, and regulations ensuring the security of employees' retirement savings.

How does the Provident Fund Act impact employer contributions?

Employers are legally required to contribute equivalent to the employee's contribution, with part of their contribution going towards the Employees' Pension Scheme (EPS).

What are the penalties for non-compliance with the Provident Fund Act?

Non-compliance can result in fines, penalties, and imprisonment under Section 14B of the Provident Fund Act.

Editorial Staff – Impact Labour Law

Provident Fund

Author: Editorial Staff

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