Source: TH
Context: The Employees’ Provident Fund Organisation (EPFO) achieved a significant milestone with a net addition of 13.41 lakh members in October 2024.
About Employees’ Provident Fund Organisation (EPFO):
- Established in: 1952 under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
- Administering Ministry: Ministry of Labour and Employment.
- Aim: To ensure social security for the organized sector workforce through provident fund, pension, and insurance schemes.
- Powers and Functions:
- Manages three schemes:
- Employees’ Provident Fund Scheme (1952): Offers accumulation plus interest on retirement or death, with partial withdrawal options.
- Employees’ Pension Scheme (1995): Provides monthly pension for retirement, disability, and survivors.
- Employees’ Deposit Linked Insurance Scheme (1976): Offers life insurance benefits up to ₹6 lakh in case of the employee’s death.
- Administers funds and contributions across 122 offices nationwide.
- Ensures compliance with the Employees’ Provident Fund (EPF) Act and facilitates housing schemes and other benefits.
- Manages three schemes:
Insta links:
