About Employees’ Provident Fund Organisation (EPFO)

About Employees’ Provident Fund Organisation (EPFO):

 

• It is a statutory body that came into existence under the Employees’ Provident Fund and Miscellaneous Provisions Act, of 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 Board administers a contributory provident fund, a pension scheme and an insurance scheme for the workforce engaged in the organized sector in India.
• It is one of the world’s largest organizations in terms of clientele and the volume of financial transactions undertaken by it.
• The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 122 locations across the country.
• The EPFO is under the administrative control of the Ministry of Labour and Employment, Government of India.
• The Board operates three schemes namely
  • The Employees' Provident Funds Scheme 1952 (EPF) and its features
• Accumulation plus interest upon retirement and death.
• Partial withdrawals allowed for education, marriage, illness and house construction.
• Housing scheme for EPFO members to achieve the Prime Minister’s vision of Housing for all by 2022.
  • The Employees' Pension Scheme 1995 (EPS) and its features
• The monthly benefit for superannuation/benefit, disability, survivor, widow(er) and children.
• Minimum pension of disablement.
• Past service benefit to participants of the erstwhile Family Pension Scheme, 1971.
  • The Employees' Deposit Linked Insurance Scheme 1976 (EDLI)
• The benefit is provided in case of the death of an employee who was a member of the scheme at the time of death.
• The benefit amount is 20 times the wages, a maximum benefit of 6 Lakh.

 

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Q1) What is a provident fund?

A provident fund is a financial scheme that aims to provide retirement benefits to employees. It is a savings scheme established by employers and/or employees to accumulate a fund over a period of time, which can be withdrawn by the employee upon retirement or under certain specified conditions.

 

Source: EPFO extends the deadline to apply for higher pension till July 11