Provident fund scheme reforms membership, exemptions, contributions, withdrawals and compliance duties under the new social security framework. Employees' Provident Fund Scheme, 2026 applies to establishments covered by Chapter III of the Code on Social Security and specified government establishments, supersedes the 1952 Scheme, and defines key concepts including excluded employee, International Worker, exempted establishment, principal employer and Universal Account Number. It regulates membership, exemptions, boards of trustees, contributions, compliance returns, accounts, interest, withdrawals, nominations, settlements, damages for default, and transfer of accumulations, while also providing special provisions for an enrolment campaign, damages settlement and regularisation of exempted establishments.
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Provident fund scheme reforms membership, exemptions, contributions, withdrawals and compliance duties under the new social security framework.
Employees' Provident Fund Scheme, 2026 applies to establishments covered by Chapter III of the Code on Social Security and specified government establishments, supersedes the 1952 Scheme, and defines key concepts including excluded employee, International Worker, exempted establishment, principal employer and Universal Account Number. It regulates membership, exemptions, boards of trustees, contributions, compliance returns, accounts, interest, withdrawals, nominations, settlements, damages for default, and transfer of accumulations, while also providing special provisions for an enrolment campaign, damages settlement and regularisation of exempted establishments.
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