The EPF & MP Act refers to the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, a social security legislation in India. The Act establishes the Employees’ Provident Fund Organization (EPFO) and governs the Employees’ Provident Fund (EPF) scheme, the Employees’ Pension Scheme (EPS), and the Employees’ Deposit Linked Insurance (EDLI) scheme. The EPF & MP Act aims to provide retirement benefits, social security, and financial protection to employees in India.

Here are the key features and provisions of the EPF & MP Act:

• Applicability: The EPF & MP Act applies to establishments employing 20 or more employees, subject to certain specified exceptions. However, establishments with fewer employees can voluntarily opt for coverage under the Act.
• EPF Scheme: The EPF scheme is a retirement savings scheme under the Act. Both the employer and the employee contribute a percentage of the employee’s wages (basic wages, dearness allowance, and retaining allowance) to the EPF account. The contributions are deposited with the EPFO on a monthly basis.
• EPS Scheme: The EPS scheme provides pension benefits to employees upon retirement, disablement, or death. The employer contributes a percentage of the employee’s wages to the EPS. The pension amount is calculated based on the employee’s years of service and average monthly wages.
• EDLI Scheme: The EDLI scheme provides life insurance coverage to employees. The employer contributes a percentage of the employee’s wages to the EDLI scheme. In the event of the employee’s death during employment, a lump sum benefit is paid to the nominee or legal heirs.
• EPF Account: Each covered employee has an EPF account, where the contributions made by the employer and employee are deposited. The EPF account earns interest, and the accumulated balance is payable to the employee upon retirement, resignation, or certain other specified conditions.
• Withdrawal and Transfer: Employees can withdraw their EPF accumulations upon retirement, resignation, or after a specified waiting period. The EPF can also be transferred from one employer to another when an employee changes jobs.
• EPF UAN: The EPF Act introduced the concept of the Universal Account Number (UAN) to provide a unique identification number to EPF members. The UAN remains the same throughout an employee’s career, even when changing jobs, and helps in easy tracking and management of the EPF account.
• Administration and Compliance: The EPFO, through its regional offices, administers and enforces the provisions of the EPF & MP Act. Employers are required to register with the EPFO, maintain records, and comply with various provisions, including timely payment of contributions, filing of returns, and providing necessary information to employees.

The EPF & MP Act aims to promote long-term savings, financial security, and social protection for employees in India. It helps employees build a retirement corpus, provides pension benefits, and offers life insurance coverage. The Act ensures compliance by employers and establishes a robust
system for the management and administration of employee provident fund schemes.