The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952
The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 provides Social Security to the workers in the Organized Sector. The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 applies to specific scheduled factories and establishments employing 20 or more employees and ensures terminal benefits of provident fund, superannuation pension, and family pension in case of death during service. The provisions of the Act assist the government by providing funds of considerable magnitude for utilization on various projects meant for promoting economic and social development of the country and the well being of its people. Separate laws exist for similar benefits for the workers in the coal mines and tea plantations.
The Act makes provision for the framing of the Employees' Provident Fund Scheme for the establishment of provident funds under this Act for employees or for any class of employees. The Fund shall vest in, and be administered by the Central Board constituted under the provisions of this Act. There shall be an Executive Committee to assist the Central Board in the performance of its functions.
