Provident fund

This benefit is meant for economic welfare of the workers. The Employee's Provident Fund, Deposit Linked Insurance Act, 1952, and Family Pension Fund provides for the institution of Provident Fund for workers in factories & establishments. Provident Fund plan of the Act provides for monetary assistance to the employees and/or their dependents during post retirement life. Therefore, this facility provides safety against social risks & this benefit enables the industrial employee to have better retired life. In all factories employees under Factories Act, 1948 are covered by the Act. Both the employer and employee contribute to the fund. The workers on attaining 15 years of membership are qualified for 100% of the contributions having interest. The organisations generally pay the Provident Fund amount having interest to the worker on retirement or to the dependants of the employee, in particular case of death.