Home India Ministry of Labour and Employment Employees Provident Funds (Amendment) Scheme 2024...
Date: 14-Jun-2024 Category: Extra Ordinary State: Union Government Country: India

Employees Provident Funds (Amendment) Scheme 2024

Issued by Ministry of Labour and Employment · Not Applicable

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Executive Summary & Key Takeaways

Gazette Notification Overview

  • The notification introduces the Employees’ Provident Funds (Amendment) Scheme, 2024, amending the Employees’ Provident Funds Scheme, 1952.
  • It addresses defaults in contribution payments, transfer of accumulations, and payment of charges under the EPF Act and Scheme.

Key Changes

  • Replaces sub-paragraph (1) of paragraph 32A in the Employees’ Provident Funds Scheme, 1952.
  • Authorizes the Central Provident Fund Commissioner, or an officer authorized by the Central Government, to recover damages from employers for defaults in contribution payments, transfer of accumulations, or payment of dues.
  • Specifies that damages can be recovered at a rate of one percent of the arrear of contribution per month or part thereof.

Impact Analysis

Impact on Employers

  • Need for employers to ensure timely and accurate payments to avoid damages.

Impact on Employees

  • Increased confidence in the management and protection of their EPF funds.

Impact on EPFO

  • Requires EPFO to ensure proper authorization of officers responsible for recovering damages.

Suggested Action Items for Employers

  • Allocate budget for potential damages in case of inadvertent defaults.

Key Entities Referenced

Employees’ Provident Funds and Miscellaneous Provisions Act, 1952: The principal legislation governing the Employees' Provident Fund Scheme. Employees’ Provident Funds Scheme, 1952: The scheme framed under the EPF Act, which this notification amends. Central Provident Fund Commissioner: The authority responsible for administering the EPF Scheme. Ministry of Labour and Employment: The government ministry responsible for labour regulations, including the EPF Act and Scheme.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-15062024-254723 CG-DxLx-xEG-I1D5H0x6x2x0 24-254723 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 306] नई ददल्ली, िकक्रिार, िनू 14, 2024/ज्य ष्े ि 24, 1946 No. 306] NEW DELHI, FRIDAY, JUNE 14, 2024/JYAISHTHA 24, 1946 श्रम और रोिगार मत्रं ालय अजधसचू ना नई ददल्ली, 14 िून, 2024 सा.का.जन. 329(अ).—केन्‍द रीय सरकार, कममचारी भजिष्य जनजध और प्रकीणम उपबंध अजधजनयम,1952 (1952 का 19) की धारा 7 की उपधारा (1) के साथ पठित धारा 5 द्वारा प्रदत्त िजियों का प्रयोग करत े हुए कममचारी भजिष्य जनजध योिना, 1952 का और संिोधन करने के जलए जनम्नजलजखत योिना बनाती ह,ै अथामत-: 1. संजिप्त नाम और प्रारंभ:- (1) इस योिना का संजिप् त नाम कममचारी भजिष्य जनजध (संिोधन)योिना, 2024 ह ै। (2) यह रािपत्र म ेंइसके प्रकािन की तारीख को प्रिृत्त होगी I 2. कममचारी भजिष्य जनजध योिना, 1952 म,ें पैरा 32क में उपपरै ा (1) के स्ट्थान पर जनम्नजलजखत उपपैरा रखा िाएगा, अथामत:्- “(1) िहां कोई जनयोिा जनजध में दकसी अंिदान के संदाय में या अजधजनयम की धारा 15 की उपधारा (2)या धारा 17 की उपधारा (5) के अधीन उनके द्वारा अंतठरत दकए िान े िाले अपेजित संचयों के अतं रण में या अजधजनयम या योिना के दकसी अन्‍दय उपबंध के अधीन या अजधजनयम की धारा 17 के अधीन जिजनर्ददष्ट दकसी भी ित म के अधीन देय दकन्‍द हीं प्रभारों के संदाय में चूक करता है ,िहां केन्‍द रीय भजिष्य जनजध ययक्‍ त या ससा अजधकारी िो केन्‍द रीय सरकार द्वारा इस जनजमत् त रािपत्र में अजधसूचना द्वारा प्राजधकृत दकया िाए, जनयो्‍त ा स े प्रजतमाह अिं दान के बकाया के एक प्रजतित या उसके भाग की दर से नककसानी िसूल कर सकेगा।“ [फा. सं. यर-15011/01/2022-एसएस-II] यलोक जमश्रा, संयकि सजचि 3596 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] ठिप्पण : कममचारी भजिष्य जनजध योिना, 1952 भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i), संख यांक का.जन.य. 1506, तारीख 2 जसतंबर, 1952 द्वारा प्रकाजित की गई थी और अजधसूचना संख यांक सा.का.जन. 225(अ), तारीख 27 माचम, 2020 द्वारा अंजतम बार संिोजधत की गई थी। MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 14th June, 2024 G.S.R. 329(E).—In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Provident Funds Scheme, 1952, namely:- 1. Short title and Commencement.— (1) This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2024. (2) It shall come into force from the date of its publication in the Official Gazette. 2. In the Employees’ Provident Funds Scheme, 1952, in paragraph 32A, for sub-paragraph (1), the following sub- paragraph shall be substituted, namely:- “(1) Where an employer makes default in the payment of any contribution to the fund, or in the transfer of accumulations required to be transferred by him under sub-section (2) of section 15 or sub-section (5) of section 17 of the Act or in the payment of any charges payable under any other provisions of the Act or Scheme or under any of the conditions specified under section 17 of the Act, the Central Provident Fund Commissioner or such officer as may be authorised by the Central Government by notification in the Official Gazette in this behalf, may recover damages from the employer at the rate of one per cent. of the arrear of contribution per month or part thereof.” [F. No. R-15011/01/2022-SS-II] ALOK MISHRA, Jt. Secy. Note : The Employees’ Provident Funds Scheme, 1952 was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number SRO. 1506 dated the 2nd September, 1952 and was last amended vide notification number G.S.R. 225(E), dated the 27th March, 2020. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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