Regulatory aspect in employees provident fund organization, Financial Management

Assignment Help:

Regulatory Aspect

Employees Provident Fund Organization (EPFO) is under the Ministry of Labor and is a primary organization for retirement income for private employees in India. Parliament enacted the EPF & MP Act, 1952 and it came into force with effect from 14th March, 1952. A series of legislative interventions were made in this direction, including the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. Presently, the following three schemes are in operation under the Act:

  • Employees' Provident Fund Scheme, 1952.
  • Employees' Deposit Linked Insurance Scheme, 1976.
  • Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971).

In addition, the EPFO is also empowered to decide on the companies that may be permitted to administer their own provident and pension schemes. The Organization functions under the overall superintendence of the policies framed by the Central Board of Trustees, a tripartite body headed by the Union Minister for Labor as the Chairman. The Central Board of Trustees governs the Employees Provident Fund. It is vested with the responsibility of implementing the Employees' Provident Fund Scheme, the Employees' Pension Scheme and the Employees' Deposit Linked Insurance Scheme.

 


Related Discussions:- Regulatory aspect in employees provident fund organization

Step-up (step down) notes, These types of securities have more ...

These types of securities have more than one coupon rate and each subsequent coupon rate is higher (or lower) than the previous coupon rate. For

Risk-bearing economies of scale, a) Product portfolio refers to the diversi...

a) Product portfolio refers to the diversity of the different product lines produced by a business. In this case, Mattel's product portfolio includes: board games, toy cars, cuddly

Explain the term- interest cover, Explain the term- Interest cover Int...

Explain the term- Interest cover Interest cover =Profit before interest and tax (PBIT)/ Interest payable(no. of times) Interest cover represents the safety of earnings tha

Capital market, Capital market: The term capital market is used to deno...

Capital market: The term capital market is used to denote all the activities of the primary and secondary markets. It can also refer to the market for equity and debt instrumen

Purpose of Issue-CDs, Purpose of Issue CDs benefit both issuers and inve...

Purpose of Issue CDs benefit both issuers and investors. From the issuers (banks) point of view, CDs are issued foreseeing the advantages over conventional deposits. The motives

How amount of financing affecting cost of capital, Q. How Amount of financi...

Q. How Amount of financing affecting cost of capital? Amount of financing as the financing require of the firm become larger , the weighted cost of capital increased several re

Inflated budgeted expense account, Write down what processes and data you w...

Write down what processes and data you would analyse when looking at the following scenarios and write down any improvements you could include to ensure that the problem would be l

Calculate the price of a put option contract, The price of a non-dividend p...

The price of a non-dividend paying share, St, follows a geometric Brownian motion process. The current price of the share is £10 and volatility of the share price process is 12% pe

What is substantive test, what is Substantive tests or transactions based a...

what is Substantive tests or transactions based auditing Tests to attain audit evidence to detect material misstatements in financial statements. Using analytical procedures an

Financial statements, What does an inventory turnover of 3.0 suggest? If in...

What does an inventory turnover of 3.0 suggest? If inventory is sold for cash instead of on credit, how will this affect the inventory turnover? If a fi s inventory turnover is 4.0

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd