EPF – Employees’ Provident Fund : EPF is the main scheme under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. Six industries namely 1.Cement 2. Cigarettes 3.Electrical, mechanical or general engineering products 4.Iron and Steel 5. Paper 6. Textiles (made wholly or in part of cotton, wool or jute or silk, whether natural or artificial) came under implementation of the Act w.e.f 1, November,1952. The organisation is administered by a Central Board of Trustees, composed of representatives of the Government of India, State governments, Employers and Employees.
EPFO – Employee Provident Fund Organization: The Employees’ Provident Fund Organisation (EPFO) is a non-constitutional body that promotes employees to save funds for retirement. EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India. The organisation is governed by the Ministry of Labour and Employment, Government of India and was launched in 1951.
The schemes offered by the organisation cover Indian workers and international workers (from countries with whom the EPFO has signed bilateral agreements).
EPFO Schemes Offered:
Given below are the various schemes that are present under the EPFO:
->Employees’ Provident Funds Scheme 1952 (EPF)
->Employees’ Pension Scheme 1995 (EPS)
->Employees’ Deposit Linked Insurance Scheme 1976 (EDLI)
Objectives of EPFO:
->To ensure every employee has only one EPF account.
-> Compliance must be facilitated easily.
-> Make sure organisations follow all the rules and regulations set up by the EPFO on a regular basis.
-> To ensure that online services are reliable and to make improvements in their facilities.
-> For all member accounts to be accessed online easily.
-> Claim settlements to be reduced from 20 days to 3 days.
-> Promotion and encouragement of voluntary compliance.
- Universal Account Number(UAN)
- Helpdesk for Inoperative Accounts
- Online withdrawal of EPF
- Online transfer of EPF
- Monthly returns for exempted establishments
- UMANG App
- International workers can generate a Certificate of Coverage
- Missed call and SMS service
- Claim status and passbook
- Establishments can register online
- Online payments of PF
The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country.
The Act is administered by Central Board of Trustees, EPF a Statutory Board constituted by the Central Government under Section 5A of the Act. The CBT, as the Board is informally called, consists of a Chairman, a Vice Chairman, 5 Central Government Representatives, 15 State Government Representatives, 10 Employees’ Representatives, 10 Employers’ Representatives with Central P.F Commissioner and the Member Secretary to the Board. The Executive Committee of the CBT is constituted from among the members of the CBT to assist the Central Board in discharge of its function related to Administrative matters.