Employees' Provident Fund Organisation

Employees' Provident Fund Organisation
Native name
कर्मचारी भविष्य निधि संगठन
Founded4 March 1952 (1952-03-04)
Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place,
New Delhi
Key people
Sunil Barthwal, Central Provident Fund Commissioner,
Rajesh Bansal Additional Central Provident Fund Commissioner
ServicesProvident Fund, Pension and Insurance schemes, Implementing agency for Bilateral Social Security Agreements

The Employees' Provident Fund Organisation (abbreviated to EPFO), is an organization tasked to assist the Central Board of Trustees, a statutory body formed by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India.[1]

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. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 17 Social Security Agreements are operational).[2] It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.[3] The EPFO's apex decision making body is the Central Board of Trustees (CBT).[4]

The total assets under management are more than 8.5 lakh crore (US$128 billion) as of 18 March 2016.[5]

On 1 October 2014, Prime Minister of India Narendra Modi launched Universal Account Number for Employees covered by EPFO to enable PF number portability.[6]

  1. ^ "EPFO data shows 9.73 lakh jobs created in September, highest in past 13 months". www.businesstoday.in. Retrieved 2018-12-16.
  2. ^ "EPFO -- International Workers". www.epfindia.com.
  3. ^ "About Us". Employees' Provident Fund Organisation. Archived from the original on 23 May 2013. Retrieved 5 June 2013.
  4. ^ PTI (18 March 2016). "Interest rate on Public Provident Fund cut to 8.1% from 8.7%". The Economic Times. Retrieved 18 March 2016.
  5. ^ PTI (18 March 2016). "EPFO to invest more in government bonds amid corporate loan defaults". The Economic Times. Retrieved 18 March 2016.
  6. ^ "PM Narendra Modi unveils labour reforms; launches Universal Account Number for employees". The Economic Times. 16 October 2014.

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