Employees Provident Fund Organization

The Employees' Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, Government of India, responsible for regulating and managing provident funds, pension schemes, and insurance schemes for the Indian workforce. Established on March 4, 1952, the EPFO has played a pivotal role in providing social security benefits to millions of employees across the country.

Organizational Structure

The EPFO operates under the jurisdiction of the Central Board of Trustees (CBT), a statutory body constituted by the Employees' Provident Funds and Miscellaneous Provisions (EPF&MP) Act, 1952. The CBT is chaired by the Union Minister of Labour and Employment and comprises representatives from the government, employers, and employees. This tripartite structure ensures balanced decision-making, reflecting the interests of all stakeholders involved in the provident fund system.

Schemes Administered by EPFO

The EPFO administers three primary schemes aimed at providing comprehensive social security coverage:

Employees' Provident Fund Scheme (EPF), 1952

This mandatory savings scheme requires contributions from both employers and employees, accumulating funds that serve as a financial cushion for employees upon retirement or during unforeseen circumstances.

Employees' Pension Scheme (EPS), 1995

Designed to provide pension benefits to employees after retirement, the EPS ensures a steady income for individuals aged 58 and above, subject to certain conditions.

Employees' Deposit Linked Insurance Scheme (EDLI), 1976

This scheme offers life insurance coverage to employees, providing financial assistance to their families in the event of the employee's demise during the period of service.

Universal Account Number (UAN)

In a significant move towards enhancing service delivery, the EPFO introduced the Universal Account Number (UAN) in October 2014. The UAN is a unique 12-digit number assigned to each employee, facilitating the portability of provident fund accounts across different employers and streamlining various processes such as withdrawals, transfers, and account management.

Digital Initiatives and Services

Embracing digital transformation, the EPFO offers a range of online services to improve accessibility and efficiency:

Online Claim Submission

Members can submit claims for withdrawals, pension, and insurance benefits through the EPFO's online portal, reducing processing times and enhancing convenience.

Mobile Applications

The EPFO has developed mobile apps like 'UMANG' to provide members with easy access to their provident fund accounts, enabling services such as balance checks, claim status tracking, and updating personal information.

E-Passbook Facility

Members can view and download their passbooks online, offering transparency and real-time access to account statements.

International Social Security Agreements

Recognizing the global mobility of the workforce, the EPFO has entered into Social Security Agreements (SSAs) with several countries. These agreements facilitate the portability of social security benefits for international workers, preventing dual contributions and ensuring continuity of benefits across borders.

Recent Developments

In March 2022, the EPFO revised the interest rate to 8.10% for the fiscal year 2021-22. Additionally, on August 30, 2022, the organization proposed removing restrictions on wage ceilings and headcount, aiming to allow all formal workers and self-employed individuals to enroll in its retirement saving schemes.