EPFO

EPFO

Subject: National Organisations

Context: Net new enrolments with retirement fund body EPFO grew by nearly 20 per cent to 12.37 lakh in February compared to the same month in 2020, according to the payroll data.

Concept:

• It is a statutory organization that manages provident fund and pension accounts for the workforce engaged in the organized sector in India.
• It implements the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
• The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 provides for the institution of provident funds for employees in factories and other establishments.
• It is administered by the Ministry of Labour & Employment, Government of India.
• It is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.