Interest payable by the employer is defined under section 7Q of Employees Provident Funds Miscellaneous Provisions Act, 1952. Provisions under Section 7Q of EPF Act 1952 are :
Section 7Q of Employees Provident Funds Miscellaneous Provisions Act, 1952 "Interest payable by the employer"
The employer shall be liable to pay simple interest at
the rate of twelve per cent per annum or at such higher rate
as may be specified in the Scheme on any amount due from him
under this Act from the date on which the amount has become
so due till the date of its actual payment:
PROVIDED that higher rate of interest specified in the
Scheme shall not exceed the lending rate of interest charged
by any scheduled bank.
Section 2A Establishment to include all departments and branches
Section 4 Power to add to Schedule I
Section 5 Employees' Provident Funds Scheme
Section 5AA Executive Committee
Section 5C Board of Trustees to be body corporate
Section 5D Appointment of officers
Section 6A Employees Pension Scheme
Section 6C Employees Deposit-linked Insurance Scheme
Section 6D Laying of Schemes before Parliament
Section 7 Modification of Scheme
Section 7A Determination of moneys due from employers
Section 7B Review of orders passed under Section 7A
Section 7C Determination of escaped amount
Section 7D Employees' Provident Funds Appellate Tribunal
Section 7G Salary and allowances and other terms and conditions of service of Presiding Officer
Section 7H Staff of the Tribunal
Section 7I Appeals to the Tribunal
Section 7J Procedure of Tribunals
Section 7N Finality of orders constituting a Tribunal
Section 7O Deposit of amount due, on filing appeal