EPF India, EPFIndia, EPF, EPFO
The EPF India body which takes care of the Employees Provident Fund Scheme in India is known as EPFO or Employees’ Provident Fund Organization. EPF India falls under Ministry of Labour and Employment. This is government body which takes care of obligatory contribution by employer and employee in Employee Provident Scheme, Insurance Scheme and Pension Scheme. When we go number wise it’s the biggest social organization in the world as it covers the highest number of members and their financial transactions are tremendous.
EPF India works on the principals and directions of the state. Employees’ Provident Fund Organization India has been constructed with a vision to safeguard the rights of employees. All the employees of the companies which fall under purview of the statute have to join and contribute in EPF compulsorily. EPFO India secures the rights of employees to work and get rewarded in a better way.
On 4th March 1952 Provident Funds and Miscellaneous Provisions Act, 1952 came into existence. Later on many additions and alteration were done for enhancing the situation on employees. Employees’ Provident Fund Organization head office is located in New Delhi. EPFO is comprise of delineation of Government of India , employees and employers. Union Labour Minister of India is the chairperson of EPF India. The Central Provident Fund Commissioner (HoD of EPFO) reports to Union Labour Minister of India.
EPFO confirms that within the available limits and capacity of state they make provision for people of the sate that they are getting their right to educate and work. EPFO also make sure that in case of old age, sickness and unemployment the people get help for healthcare and basic needs.
Employees’ Provident Fund Scheme, 1952
Employees’ Deposit Linked Insurance Scheme, 1976
Employees’ Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)
According to the provision any establishment which has 20 or more employees has to get registered with EPF India. All the employees working in the same organization have to register in EPF scheme. AT present both employer and employee have to contribute 12% of basic monthly salary towards compulsory Provident Fund. So the total contribution is 24%. EPFO arrange compulsory Provident Fund, Accidental death Insurance and Pension on retirement.
According to the latest data EPFO covers approx. 5 Lac Establishments and has 40 million members (contributing and non contributing). EPF India is a government organization takes care of all the beneficiaries covered under it in whole country. To conduct daily activities EPF offices has been set up on district level, Regional level and state level too.
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