5. Employees' Provident Funds Scheme 

(1) The Central Government may by notification in the Official Gazette frame a Scheme to be called the Employees' Provident Funds Scheme for the establishment of provident funds under this Act for employees or for any class of employees and specify the establishments or class of establishments to which the said Scheme shall apply and there shall be established as soon as may be after the framing of the Scheme a Fund in accordance with the provisions of this Act and the Scheme.

(1A) The Fund shall vest in and be administered by the Central Board constituted under section 5A.

(1B) Subject to the provisions of this Act a Scheme framed under sub-section (1) may provide for all or any of the matters specified in Sch. II. 

(2) A Scheme framed under sub-section (1) may provide that any of its provisions shall take effect either prospectively or retrospectively on such date as may be specified in this behalf in the Scheme.