Employees’ Provident Fund Organization (EPFO)
- The Employees’ Provident Fund came into existence with the Employees’ Provident Funds Act, 1952.
- It provide for the institution of provident funds for employees in factories and other establishments.
- The Act is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India except Jammu and Kashmir.
- The Act and Schemes framed 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, 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 EPFO is under the administrative control of Ministry of Labour and Employment, Government of India.
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