The Employees Provident Funds and Miscellaneous Provisions Act, 1952

The Employees Provident Funds and Miscellaneous Provisions Act, 1952 is a social security legislation that aims to provide financial security and stability to employees by instituting provident funds, pension funds, and deposit-linked insurance funds. The Act applies to all establishments that employ 20 or more persons and provides for the compulsory contribution of both the employer and the employee towards the funds. The funds so collected are managed by the Employees' Provident Fund Organisation, which is a statutory body set up by the Central Government. The Act also provides for the establishment of the Employees' Pension Scheme and the Employees' Deposit-Linked Insurance Scheme. The former is a contributory pension scheme for employees, while the latter is an insurance scheme that provides life insurance cover to employees. The Act also lays down rules for the administration and management of the funds and specifies penalties for non-compliance.