Under the Employees’ Provident Funds Act, 1952, employees are required to contribute a specific percentage of their salary towards a provident fund scheme, and an equal contribution is made by their employer. Upon resignation or retirement, employees are entitled to receive the accumulated contribution along with interest.
The contributions to the provident fund scheme consist of 12% from the employee’s salary and 8.33% from the employer’s contribution. This scheme offers various benefits to employees, including pension after retirement, healthcare facilities, an emergency fund, tax exemptions, and insurance coverage.
Similarly, the Employees’ State Insurance Scheme is a social insurance scheme introduced under the Employees’ State Insurance Act, 1948. This scheme aims to provide protection to employees or workers against unforeseeable events or conditions.
The benefits of the Employees’ State Insurance Scheme include maternity benefits, temporary or physical disablement benefits, sickness benefits, and accidental death benefits.
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