GENERAL KNOWLEDGE

Detailed explanation-1: -An Act to provide for the institution of provident funds 2[, 3[pension fund] and deposit-linked insurance fund] for employees in factories and other establishments. 1. Short title, extent and application.-4[(1) This Act may be called the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.]

Detailed explanation-2: -(3) The [appropriate Government] may, by notification in the Official Gazette, add to the Schedule the name of any public institution it may deem fit, and any such addition shall take effect as if it had been made by this Act.]

Detailed explanation-3: -The Employees’ Provident Funds and Miscellaneous Provisions Act, provides for compulsory contributory fund for the future of an employee after his retirement or for his dependents in case of his early death. The Act discusses the process of depositing amount in the provident fund and its entitlement.