Directorate of distance education master of business administration

e.  Dependent’s benefit : the benefit is available to the dependents 
of a deceased worker due to industrial accident or injury. 
The Employee’s provident Funds and Miscellaneous Provisions Act, 
1952 
 
The Act covers workers employed in a factory of any industry 
specified in schedule I in which 20 or more workers are employed or 
which the Central Govt. notifies in its official Gazette. The Act does 
not apply to cooperative societies employing less than 50 persons and 
working without the aid of power. It also does not apply to those new 
establishments till they become 3 years old. 
The Act is administered by Tripartite Central Board of Trustees 
represented by employers, employees and Government. 
Under this Act            
        
i.  An employee can avail non-refundable withdrawal or take 
advances from the provident Fund Account for various purposes. 

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On superannuation, the employee gets the full balance at his 
credit with interest. 
ii.  Under the new pension scheme which has come into force 
from 16-11-1955, replacing the 1971 scheme, several types are 
available to an employee and his dependent. 
iii.  Under the deposit- linked insurance scheme, the employer is 
required to pay to the Fund not more than one per cent of the 
aggregate of the basic wages, dearness allowance and retaining 
allowance as specified by the central government in respect of 
every employee employed by him.