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Schemes under the Act
There are three Schemes Under The Act:
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Employees Provident Fund Scheme
Employees Provident Fund Scheme is framed by The Central Government. Therefore the Central Board administers the fund invests in and is constituted under Section 5, of the Act.
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Administration of the Fund
Under section 5 of the Act, Board of Trustees or Central Board provides for the administration of the Fund. Also, by notification, the Central Government may in the Official Gazette. Therefore constitute with a specified date effect from such a date therein. A Board of Trustees, for the territories to which this Act extends.
The provisions regarding the terms and conditions contain the Employees Provident Fund Scheme. Thus, subject to which a Central Board’s member may be appointed and of procedure of the meetings of the Central Board. The manner of administering the funds by the board is laid down under the scheme, the funds vested in it however subject to the provisions of Section 6a and 6C of the Act. The Board also performs functions under the Family Pension Scheme and the Insurance Scheme.
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Class of employees entitled and required to join Provident Fund
It involves the employees, who are employed in or in connection with work of a factory or any other establishment where the scheme applies.
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