Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

hiren asked in Business & FinanceInsurance · 1 decade ago

what is PROVIDENT FUND POLICY?

1 Answer

Relevance
  • 1 decade ago
    Favorite Answer

    You are likely talking about a piece of legislation from India.

    Here's what I was able to find at this website (http://www.epfochennai.tn.nic.in/epf_act.htm): The Employees' Provident Fund & MP Act,1952 is an important piece of Labour Welfare legislation enacted by the Parliament to provide social security benefits to the workers . At present , the Act and the Schemes framed there under provides for three types of benefits -Contributory Provident Fund , Pensionary benefits to the employees/ family members and the insurance cover to the members of the Provident Fund.

    Here's another short description from this website (http://www.helplinelaw.com/docs/provi-fund/pr-fund... The Employees' Provident Funds and Miscellaneous Provisions Act, provides for compulsory contributory fund for the future of an employee after his retirement or for his dependents in case of his early death.

    It extends to the whole of India except the State of Jammu and Kashmir and is applicable to:

    1.every factory engaged in any industry specified in Schedule 1 in which 20 or more persons are employed;

    2. every other establishment employing 20 or more persons or class of such establishments which the Central Govt. may notify;

    3.any other establishment so notified by the Central Government even if employing less than 20 persons.

    Source(s): financial writer for www.insuranceguide101.com
Still have questions? Get your answers by asking now.