14 Nov 2024        09:53:15 am

Political

Employees’ Provident Fund Organisation (EPFO)

Tags : Employees’ Provident Fund Organisation (EPFO)

Topic: Statutory Bodies

Why in the news?

• The Employees’ Provident Fund Organisation (EPFO) had a net addition of 18.53 lakh members to its subscriber base in August. The payroll data, which was released on Sunday (October 20, 2024) said that in August this year, the growth in subscriber base was 9.07% when compared with August 2023. 
• The Union Labour Ministry said in a release that the growth in enrolments reflects increased employment opportunities and heightened awareness of employee benefits.

Source: The Hindu 

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 tripartite 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) 
    • 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) 
    • 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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