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.