EPFO Full Form- Employee Provident Fund Organisation

What is EPFO? The full form of EPFO is Employee Provident Fund Organization. In terms of clientele and amount of financial transactions, EPFO is among the biggest social security organizations in the world. It currently keeps accounts for its members totaling 27.74 crore (Annual Report 2021-22). The Employees' Provident Funds Ordinance was passed on November 15, 1951, and it gave rise to the Employees' Provident Fund. The Employees' Provident Funds Act of 1952 took its place. In order to establish provident funds for workers in factories and other institutions, the Employees' Provident Funds Bill, also known as Bill Number 15 of 1952, was introduced in the Parliament. 

The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 is the current name of the Act, which is applicable throughout India. Employers, employees, and representatives of the Central and State governments make up the tripartite Board known as the Central Board of Trustees, Employees' Provident Fund, which is responsible for overseeing the Act and its established schemes.

How EPFO Works 

For workers in India's organized sector, the Central Board of Trustees oversees an insurance program, a pension plan, and a contributory provident fund. The Employees' PF Organization (EPFO), which has offices at 138 locations nationwide, provides support to the Board. The Organization has a well-equipped training facility where officers, staff members, and representatives from employers and employees attend training sessions and seminars.The Indian government's Ministry of Labour and Employment oversees the EPFO administratively. Three schemes are run by the Board: the 1952 EPF Scheme, the 1995 Pension Scheme (EPS), and the 1976 Insurance Scheme (EDLI).

Vision and Mission of EPFO

Vision: Using cutting edge technology, this innovative social security organization seeks to provide Nirbadh (uninterrupted and seamless) service delivery to its stakeholders while expanding coverage to all.

Mission:

• to provide transparent, anonymous, contactless, and paperless comprehensive social security in response to the changing needs of the public.
• To guarantee Nirbadh services for disaster-proofing EPFO through multi-locational and auto claim settlement processes.
• To make it easier for members and retirees to live comfortably and for employers 
• To conduct business by utilizing the technological platforms of the Government of India to connect with millions of people.

EPFO Schemes 

1) EPFO Scheme 1952

• Accumulation plus interest at death and retirement.
• Partial withdrawals were permitted for home building, marriage, schooling, and illness.
• The Housing Scheme aims to fulfill the Honorable Prime Minister's vision of providing housing for all Indians by 2022 for EPFO Members.

2) EPFO Scheme 1995

• Benefit payable each month for survivors, widows, children, disabled individuals, and superannuation/retirement.
• Minimum pension for people with disabilities.
• Benefit for prior service to members of the former Family Pension Scheme, established in 1971.

3) Insurance Scheme 1976

• Benefit given in the event that an employee passes away and was enrolled in the plan at the time of death.
• Benefit amount: twenty times the salary. A maximum benefit of Rs. 6 lakh.

Objective of EPFO

The following are the EPFO's main objectives:

• to guarantee that every worker has a single EPF account.
• Simplifying compliance is crucial.
• Make sure that businesses consistently abide by all of the EPFO's rules and regulations.
• to expand their infrastructure and ensure the reliability of internet services.
• Every member account ought to be simple to access on the internet.
• There will be a reduction in claim settlement periods from 20 to 3 days.
• Promotion and encouragement of voluntary compliance.