This article gives some idea about what is EPF India. Generally EPFO – Employees Provident Fund Organization takes care of Employees Provident Fund scheme in our country is popularly known as EPF India body which falls under Ministry of labor & Employment. Of course being a government body that handles mandatory contribution to Employee Provident scheme by Employee as well as Employer, Pension scheme and Insurance scheme. To be precise EPF India is the biggest social organization on the planet covering the highest number of members. More over the financial turnover is zenith.
EPF India is bounded to directions and principles of state government. To safeguard the rights of each and every employee is the basic vision in constructing EPFO India. It is mandatory that all the employees who draws salary of above 6,500 per month have top join and contribute for EPF India which in fact secures the employees right to work and in return rewarded in a best possible way.
More about EPF India
Provident funds act came in to existence on March 4, 1952 followed by Miscellaneous Provisions Act. It has gone several amendments for the benefit of employees on demand. New Delhi being the head quarters of Employees’ Provident Fund Organization which comprises of delineation of Government of India, employees and employers. The chair person of EPF India is Union Labor Minister. The Central Provident Fund Commissioner reports to Union Labor Minister of India.
Within the available limits and capacity of state EPFO or EPF India makes provision for people of the sate that they are getting their right to educate and work, confirms the EPF. Suppose due to sickness, might be old age & unemployment the beneficiaries get aid for healthcare and basic needs, EPFO will be handy.
As of now EPFO operates 3 Provident Fund Schemes which fall under 1952 Provident Funds and miscellaneous provisions act.
- Employees Provident Fund Scheme, 1952
- Employees Deposit Linked Insurance Scheme, 1976
- Employees Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)
The rule says, any firm with 20 or more employees must register with EPF India as well as employees in the firm too must enrol for EPF. Currently both employer and employee have to contribute 12% of basic monthly salary towards mandatory Provident Fund hence the total contribution as 24%. It also arranges compulsory Provident Fund, Accidental death Insurance and Pension on retirement.
Finally let me dive into EPF India statistics
- As per the updates EPFO covers 5 Lac establishments and has 40 million members (contributors and non contributors).
- EPF India is strictly a government organization which handles all the beneficiaries in the country.
- In order to conduct daily liabilities EPF offices are at district level, Regional level and state level.
It’s all about EPF of India. If you have some more points to add about EPF India, mention them in comments.