The Employees Provident Fund Act, 1947
This act is enacted as a social security measure which falls under the ambit of “retirement benefit”. Both the employer and employee contribute their part but the whole part is deposited by the employer. There are four types of provident fund, such as Statutory Provident Fund (SPF), Public Provident Fund (PPF), Recognized Provident Fund (RPF) and Unrecognized Provident Fund (UPF). In addition to it, there is a Universal Account Number (UAN). It is a 12-digit number allotted to the employee, and it is contributed to EPF.
The act is kind of a retirement benefit and the purpose of this act is to inculcate non withdrawable financial benefits, the sum is payable normally on retirement or on the death of an employee.
Key Takeaways
- Since UAN remains the same throughout, it will help in the easy withdrawal of claims and transfers.
- Therefore, this act is mainly created with the objective of encouraging saving during the period of employment where it can be used in old age, sickness or for any uncertainty.
15 Laws and Regulation that every HR Manager should be aware of
HR Managers are responsible for shaping the overall growth of the company. Right from recruitment, induction, training and development to performance assessment and grievance resolution, they are responsible for the performance, retention, and satisfaction level of employees. From the legal point of view, Law plays a very important role in the duties of an HR Manager though it may not always be evident. For instance, hiring is accompanied by contracts, which are regulated by the Indian Contract Act, 1872. Firing may require one to follow the provisions of different contracts, ensure that any intellectual property created by an employee is protected in favour of the company, and that proper disciplinary actions take place if someone is being fired due to a breach of the code of conduct.
Table of Content
- Laws and Regulations that Every HR Manager should be Aware of
- 1. Sexual Harassment (Prevention, Prohibition and Redressal) Act, 2013
- 2. The Apprentices Act, 1961
- 3. The Maternity Benefit Act, 1961
- 4. The Payment of Gratuity Act, 1972
- 5. The Employees Provident Fund Act, 1947
- 6. The Factories Act, 1948
- 7. The Workmen’s Compensation Act, 1923
- 8. The Payment of Wages Act, 1936
- 9. The Industrial Disputes Act, 1947
- 10. The Payment of Bonus Act, 1965
- 11. The Employees State Insurance Act, 1948
- 12. Child Labour Regulations (CLR)
- 13. The Trade Unions Act, 1926
- 14. The Equal Remuneration Act, 1976
- 15. The Minimum Wages Act, 1948