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❖ You may know it as that annoying elusive chunk of your monthly salary that you aren’t able to spend. So what is it and where does it go ❖ Employee’s Provident Fund EPF is a retirement benefit scheme that’s available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organization of India EPFO and any company with over 20 employees is required by law to register with the EPFO. ❖ It’s a savings platform that helps employees save a fraction of their salary every month that can be used in the event that you are rendered unable to work or upon retirement. ❖ When you start working you and your employer both contribute 12 of your basic salary plus dearness allowances if any into your EPF account . ❖ The employer contribution to your EPF is tax-free and your contribution is tax-deductible under Section 80C of the Income The Employees Provident Funds and Miscellaneous Provisions Act 1952

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RATES OF CONTRIBUTION Provident Fund is calculated from Basic Salary + DA Scheme Employees Contribution Employers Contribution Employee Provident Fund EPF - A/C 1 12 3.67 Employee Pension Scheme EPS - A/C 10 8.33 Administration Charges - A/C 2 0.85 Employee Deposit-Linked Insurance Scheme EDLI - A/C 21 0.50

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Employees State Insurance Act 1948 ❖ As the name suggests it is basically an ‘insurance’ scheme i.e. employee gets benefits if he is sick or disabled. ❖ Employees who are drawing wages upto Rs. 15000 per month come under the purview of the ESI Act 1948 for multi dimensional social security benefits. ❖ The rates of contribution are:- Employees Contribution : 1.75 of wages Employers Contribution : 4.75 of wages ❖ Various benefits that the insured employees and their dependents are entitled to are as follows Medical Benefits Sickness Benefits Maternity Benefits Disablement Benefits Dependent Benefits Other Benefits like funeral expenses vocational rehabilitation free supply of physical aids etc

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Maharashtra Profession Tax Act 1975 ❖ The following states impose this levy in India - Karnataka West Bengal Andhra Pradesh Maharashtra Tamilnadu Gujarat and Madhya Pradesh. It is a source of revenue for the government. ❖ In Maharashtra this duty is applicable both on individuals and companies as laid down by the guidelines of the Maharashtra Professional Tax Act of 1975. Every individual living in Maharashtra involved in any business profession occupation or employment is legally responsible to pay it and has to get a Certificate of Enrolment from the Professional Authority.  Exemptions Person suffering from permanent physical disability. Parents of mentally retarded child. Parents of a child suffering from a physical disability. Persons who have completed the age of 65 years. Central Government Employees.

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The Maharashtra Labour Welfare Fund Act 1953 ❖ Applicability Every employee including employee through contractor but not a managerial capacity or supervisor capacity drawing more than 3500/- pm. ❖ Contribution Contribution is to be deducted from the salary of employees twice in a year i.e. June December every year. ❖ Penalty The Employer has to maintain the entire record against the fund transaction failure to which there is a penalty. If the employer is not able to produce the records or documents stating details of the fund and employee details The employer may get a three months term or Rs 500/- fine or both. For subsequent offences six months term or fine of Rs 1000/- or both.

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Pace Career Academy is an ISO 9001:2008 Certified company we are into market from last 9+yrs. We are in HR Training Accounts Training Taxation Training SAP IT Training with 100 Placements. We have trained and placed 12000+ professionals across industry Our trainees are working with 152 + companies For More Information visit Or call on 8055505588 7 About US

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