epfahmedabad.org Employees Pension Scheme : Provident Fund Organization Gujarat

Organisation : Employees’ Provident Fund Organisation Gujarat
Facility : Employees’ Pension Scheme
Scheme : https://www.statusin.in/uploads/20061-Pension.pdf
Home Page : http://www.epfindia.gov.in/site_en/index.php

Employees Pension Scheme

In exercise of the powers conferred by Section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme, namely

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1. Short title, commencement and application
(1) This Scheme may be called the Employees’ Pension Scheme, 1995;

(2) (a) This Scheme shall come into force on 16th day of November, 1995;
(b) Subject to the provisions of this Scheme the employees have an option to become the members of the Scheme with effect from the 1st April, 1993 ;

(3) Subject to the provisions of Section 16 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, this Scheme shall apply to the employees of all factories and other establishments to which the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 applies or is applied under sub-section (3) or sub-section (4) of Section 1 or Section 3 thereof.

2. Definitions :
(1) In this Scheme unless the context otherwise requires :–
(i) “Act” means the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952) ;
(ii) “actual service” means the aggregate of periods of service rendered from the 16th November, 1995 or from the date of joining any establishment whichever is later to the date of exit from the employment of the establishment covered under the Act;

(iii) “Commissioner” means a Commissioner for Employees’ Provident Funds appointed under Section 5D of the Act ;
(iv) “contributory service” means the period of ‘actual service’ rendered by a member for which the contributions to the fund have been 1[received or are receivable] ; 1. Subs. by G.S.R 134 dated 28th February 1996, for the word “received” (w.e.f 16th March 1996)

(v) “eligible member” means an employee who is eligible to join the “Employees’ Pension Scheme”;
(vi) “Existing Member” means an existing employee who is a “Member of the Employees’ Family Pension Scheme, 1971”;

(vii) “Family” means
(i) wife in the case of male member of the Employees’ Pension Fund;
(ii) husband in the case of a female member of the Employees’ Pension Fund ; and (iii) sons and 2[***] daughters of a member of the Employees’ Pension Fund ;
2. The word “unmarried” omitted, ibid (w.e.f. 16 th March, 1996) Explanation. The expression “sons” and “daughters” shall include children 3[legally adopted by the member]
3. Subs. Ibid., for “adopted by the member legally before death in service” (w.e.f. 16th March, 1996)

(viii) “Pension” means the pension payable under the Employees’ Pension Scheme and also includes the family pension admissible and payable under the Employees’ Family Pension Scheme, 1971 immediately preceding the commencement of the Employees’ Pension Scheme, 1995 with effect from the 16th November, 1995.
(ix) “Member” means an employee who becomes a member of the Employees’ Pension Fund in accordance with the provisions of this Scheme.

4.EXPLANATION :
An employee shall cease to be the member of Pension Fund from the date of attaining 58 years of age or from the date of vesting admissible benefits under the Scheme, whichever is earlier,”
4. Inserted. by G.S.R. dated the 22nd February, 1999 (w.e.f 6.3.99)

Employees’ Pension Fund :

(1) From and out of the contributions payable by the employer in each month under Section 6 of the Act or under the rules of the Provident Fund of the establishment which is exempted either under clauses (a) and (b) of sub-section (1) of Section 17 of the Act or whose employees are exempted under either paragraph 27 or paragraph 27-A of the Employees’ Provident Fund Scheme, 1952, a part of contribution representing 8.33 per cent of the Employee’s pay shall be remitted by the employer to the Employees’ Pension fund within 15 days of the close of every month by a separate bank draft or cheque on account of the Employees’ Pension Fund contribution in such manner as may be specified in this behalf by the Commissioner.

(2) The Central Government shall also contribute at the rate of 1.16 per cent of the pay of the members of the Employees’ Pension Scheme and credit the contribution to the Employees’ Pension Fund Provided that where the pay of the member exceeds 1[rupees six thousand and five hundred] per month the contribution payable by the employer and the Central Government be limited to the amount payable on his pay of 9[rupees six thousand and five hundred] only 9. Subs. by G.S.R.383 (E) dated the 24.5.2001 (w.e.f. 1.6.2001).

(3) Each contribution payable under sub-paragraphs (1) and (2) shall be calculated to the nearest rupee, fifty paise or more to be counted as the next higher rupee and fraction of a rupee less than fifty paise to be ignored.
(4) The net assets of the Family Pension Scheme, 1971 shall vest in and stand transferred to the Employees’ Pension Fund.

4. Payment of contribution :
(1) The employer shall pay the contribution payable to the Employees’ Pension Fund in respect of 10[each member] of the Employees’ Pension Fund employed by him directly or by or through a contractor. 10. Subs. by G.S.R.134 dated the 28th February, 96, for “the member” (w.e.f. 16th March, 1996)

(2) It shall be the responsibility of the principal employer to pay the contributions payable to the Employees’ Pension Fund by himself in respect of the employees directly employed by him and also in respect of the employees employed by or through a contractor.