Section 16A of EPFMA : Section 16A: Authorising Certain Employers To Maintain Provident Fund Accounts

Explanation using Example

Imagine a manufacturing company, "XYZ Pvt. Ltd.", which employs 150 workers. The management of XYZ Pvt. Ltd. and a majority of its employees decide that they want to manage their own provident fund accounts instead of having it managed by the Employees' Provident Fund Organisation (EPFO). They believe that they can manage the funds more effectively and provide better returns to the employees.

The company applies to the Central Government for authorization to maintain their own provident fund accounts. Since the company has not defaulted on provident fund contributions or committed any offences under the Employees Provident Funds and Miscella...

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