EMPLOYEES PROVIDENT FUND ORGANISATION (EPFO)

EMPLOYEES PROVIDENT FUND ORGANISATION (EPFO)

• The Employees' Provident Fund Organisation is a statutory body of the Government of India under the Ministry of Labour and Employment.
• It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme.
• The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4th March 1952.
• The organisation is administered by a Central Board of Trustees, composed of representatives of the Government of India, provincial governments, employers and employees.
• The board is chaired by the Union Labour Minister of India.
• The Chief Executive of the EPFO, the Central Provident Fund Commissioner, reports to the Union Labour Minister through the Permanent Secretary in the ministry.
• It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis.
• The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 15 Social Security Agreements are operational).
• It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.
• The EPFO's apex decision making body is the Central Board of Trustees (CBT).
• The Constitution of India under "Directive Principles of State Policy" provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want.
• The EPF & MP Act, 1952 was enacted by the Parliament of India and came into force with effect from 4th March 1952 as part of a series of legislative interventions made in this direction.
• Presently, the following three schemes are in operation under the Act:

1. Employees' Provident Fund Scheme, 1952.
2. Employees' Deposit Linked Insurance Scheme, 1976.
3. Employees' Pension Scheme, 1995.

Founded: 4th March, 1952
Headquarters: New Delhi, India
Central Provident Fund Commissioner: Dr. V. P. Joy.