On 6 October 2023, the Employees' Provident Fund Organization ("EPFO") released a Standard Operating Procedure ("SOP") for management and regulation of establishments that are permitted to operate an exempted private provident fund trust under the provisions of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 ("EPF Act").
a. Objective:
The SOP delineates the roles and duties of various stakeholders, the specific procedures and timelines vis-à-vis the exempted establishments that are managing their own provident fund trust, and mechanism for monitoring compliance by EPFO through regional, zonal, and head offices in respect of such establishments.
b. Applicability:
The Standard Operating Procedure aims to describe the process of compliance to be followed by the exempted/relaxed establishments managing their own trust and the regulations of the conditions and obligations as per the EPF Act and EPF Scheme 1952. Further, the SOP lays down the process of compliance terms of the EPF exempted establishments managing their own trust and methodology to monitor the compliance of the exempted establishments. It also covers within its ambit establishments which have been granted:
- exemption by the appropriate State government under Section 17(1) of the EPF Act, 1952.
- exemption of any person or class of persons employed in any establishment to which the EPF Scheme applies under Section 17(2) of the EPF Act, 1952.
Originally published 03 April 2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.