Employees Provident Fund Organization (EPFO)

• EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 27.74 crore accounts (Annual Report 2021-22) pertaining to its members.
• The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th of November 1951. It was replaced by the Employees’ Provident Funds Act, of 1952. The Employees’ Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments. The Act is now referred to as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India. 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 Central Board of Trustees administers a contributory provident fund, a pension scheme, and an insurance scheme for the workforce engaged in the organized sector in India. The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 138 locations across the country. The Organization has a well-equipped training setup where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for training and seminars. The EPFO is under the administrative control of the Ministry of Labour and Employment, Government of India (click here 14-07-2015)
  EPFO Organisation Structure (Annual Report 2021-22)
• The Board operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS), and Insurance Scheme 1976 (EDLI).

Vision
An innovation-driven social security organization aiming to extend universal coverage and ensure Nirbadh (Seamless and uninterrupted) service delivery to its stakeholders through state-of-the-art technology.

Mission

• •      To meet the evolving needs of comprehensive social security in a transparent, contactless, faceless, and paperless manner.
  •      To ensure Nirbadh services with multi-locational and auto claim settlement process for disaster proofing EPFO.
  •   To ensure ease of living for members and pensioners and ease of doing business for employers by leveraging the Government of India’s technology platforms to reach out to millions.

•  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 Hon’ble Prime Minister’s Vision of housing for all Indians by 2022.
• The monthly benefit for superannuation/retirement, disability, survivor, widow(er) and children.
• Minimum pension on disablement.
• Past service benefit to participants of erstwhile Family Pension Scheme, 1971.
• Benefit provided in case of death of an employee who was a member of the scheme at the time of death.
• The benefit amounts to 20 times the wages. Maximum benefit of 6 lakh.