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Employees’ Provident Fund Organisation (EPFO)

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  • Established
    • Established by the Parliament of India in 1952, to provide social security for workers in India.
  • Ministry
    • Ministry of Labour and Employment, Government of India.
  • Three major schemes of EPFO:
    • EPFO Scheme 1952, Pension Scheme 1995 (EPS), and Insurance Scheme 1976 (EDLI).
  • Largest Social Security Organization
    • EPFO is the largest social security organization worldwide in terms of the number of beneficiaries covered and the volume of financial transactions.
  • Features
    • The employee serves for at least 10 years and retires at age 58.
    • The pension structure was available at the time, and the maximum pensionable salary is Rs 5,000 per month at the introduction of EPS.
    • The Government of India pays 1.16% to an employee’s pension, and employees do not pay to the pension scheme.
    • Employees and the employers contribute 12% of the basic salary, dearness allowance, and retaining allowance, if any, of the employee to the EPF.

Organization Structure of EPFO

  • EPFO is administered by the Central Board of Trustees.
  • The organization is divided into zones, which are headed by an Additional Central Provident Fund Commissioner.
  • There are 10 zones throughout the country, with one or more than one regional offices headed by Regional Provident Fund Commissioners.
  • Districts have a district office.

EPFO UAN (Universal Account Number)

  • A 12-digit number assigned to an employee working in an organization.
  • Benefits
    • Include reduction of confusion of multiple IDs, easy transfer and withdrawal of claims, online-pass book, SMS services, online KYC update, and checking EPF balance online.

Social Security Code 2020

  • Social Security
    • Provides social security to any establishment as notified by the central government.
  • Amends definitions of employees
    • Amends definitions of employees, inter-state migrant workers, platform workers, audio-visual productions, and building or other construction work.
  • The 2020 Bill reduces the gratuity period from five years to three years for working journalists.

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