Discuss the role and functioning of EPFO.

Approach:

Employment provident fund organization is under the ministry of labour and employment .It is one of the world’s largest social security organization in terms of cliente and volume of financial transaction undertaken

(Context)

India has huge labour force contributing towards the economy under the current pandemic situation and economic slowdown, the need for social security benefits in goal for India

Role of EPFO give the role of EPFO

• There are 19.3 4 crore accounts pertaining to its members as per annual report 2016-17
• Its role is to extend the reach and quality of publicly managed income security program
• Safeguard the vital life savings of lacks of people
• It is a useful indicator of net employment generation in formal sector
• Dual role of being the enforcement agency to oversee the implementation of EPF and MP act and a service provider It fulfills the dpsp under the constitution which provides for the state to secure the right to work and public assistance in case of unemployment old age sickness and disablement
• It manages around 11 lakh crore assets as of 2018

Explain the various schemes

• Employees provident fund scheme 1952
• Employees deposit linked Insurance scheme 1976
• Employees pension scheme 1995
• Quote, pradhan mantra rojgar protsahan yojana

Functioning of EPFO 

• meaning of EPFO depends upon the wide range of coverage has India has a large population under informal sector for instance 92 percentage of the labour force
• recently a parliamentary panel has been set up to examine the functioning coverage and recovery of arrears under EPF
• at present EPF is not sole PF organisation or regulator in the country the broad and fun of private establishment organisations PSU is largely come under EPFO purvie
• The panel under MP kiritsomaiya has recommended to make EPFO the sole regulator of all categories of provident fund
• (Give the data on percentage of coverage and need to extend the coverage under current situation)

Conclusion

(Suggest measures to improve the coverage and functioning of EPF and the need for social security)