Employees’ Provident Fund Organisation

• The 71^st Foundation Day of EPFO was held at Bharat Mandapam, New Delhi recently.

ABOUT EMPLOYEES’ PROVIDENT FUND ORGANISATION

• EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions
  • 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 November, 1951.
  • It was replaced by the Employees’ Provident Funds Act, 1952.
• The Act is now referred 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, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India.
• The EPFO is under the administrative control of Ministry of Labour and Employment.