Employees Provident Fund Organization (EPFO)

Employees Provident Fund Organization (EPFO)

Subject – Government Organisation

Context – EPFO board to meet today. PF interest rate, pension hike on agenda

Concept –

• The EPFO Central Board of Trustees is a statutory body constituted by the government under provisions of Section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
  • It has representatives of the government, workers and employers.
  • Any decision taken by the body is binding on EPFO.

• EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.
• The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952.
• The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
• The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India.
• The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India
• The Board operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).
• Employees’ Provident Fund Organisation has a vision to reposition itself as a world class Social Security Organisation providing futuristic services meeting the growing requirements of all categories of its stakeholders. EPFO Vision 2030 envisages:
• Universal Social Security Coverage on mandatory basis by way of Provident Fund, Pension and Life Insurance for all workers of the country
• Online Services for all EPFO benefits with State-of-the-Art Technology
• Implementation of policies for a benefit structure with adequate support level of social security