Employees Provident Fund

On the first of every month a slice of your cousin's salary slip disappears under a line called PF, and the company quietly adds an equal amount on top. Thirty years later that pile is meant to pay for a retirement she cannot yet imagine. Who decides how much goes in, where it is kept, what happens if the employer pockets it, and where she complains? Chapter III of the Code on Social Security, 2020 (ss.14-23) answers each of those.

In two minutes

Chapter III lets the Central Government frame a provident fund, a pension scheme and a deposit-linked insurance scheme for establishments with twenty or more employees, fixes the contribution rates, and backs them with priority over other debts, recovery powers and penalties.

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