Employees’ Provident Fund Organization (EPFO)

About EPFO:

  • It is a statutory body formed under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
    • The Schemes framed there under the act are administered by a tri-partite Board known as the Central Board of Trustees, consisting of representatives of Government (Both Central and State), Employers, and Employees.
    • The Board is assisted by the EPFO.
  • It is administered by the Ministry of Labour & Employment, Government of India.
  • It is one of the world’s largest organizations in terms of clientele and the volume of financial transactions undertaken by it.
  • The Central Board through the EPFO operates three schemes viz. :-
    1. The Employees’ Provident Funds Scheme 1952 (EPF).
    2. The Employees’ Pension Scheme 1995 (EPS).
    3. The Employees’ Deposit Linked Insurance Scheme 1976 (EDLI).
  • EPF i Grievance Management System(EPFiGMS) is a customised portal of EPFO with an aim to redress grievances for the services provided by EPFO.
    • Grievances can be lodged at any place and will land in concerned office to which the grievances pertain.
  • It also manages social security agreements with other countries.
    • International workers are covered under EPFO plans in countries where bilateral agreements have been signed.
  • The Government of India launched a Universal Account Number for Employees covered by EPFO to enable Provident Fund number portability.
    • A 12-digit number allotted to employees who are contributing to EPF, generated for each of the PF members by EPFO.
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