EPFO is an establishment used as a platform for saving by individuals who are working in the public, private or even government sectored societies. This article will elaborate more on what the fund really about, how you can join, how you can easily have your EPFO calculated based on basic salary and other allowances, what the interest rate on the fund is and how much one is allowed to save during their membership period with the fund.
First of all the Employee Provident Fund can be defined as, an establishment which has been formed to provide members with the sufficient financial security and enough stability to sustain them well during their old retirement age. A person can became a member and commence with the contributing of the necessary fund to the organization when he or she becomes an employee. The required contributions will be made on a regular basis.
Employee Provident Fund Organisation has been in existence since 1951 when it was formed after the Employees’ Provident Funds Ordinance was promulgated. In 1952 however the Employees’ Provident Funds Act replaced the Employees’ Provident Funds Ordinance. Presently the Act now goes by the name of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 and is law in all of India except in Kashmir and Jammu.
EPFO is responsible for administering an insurance scheme, pension scheme and a provident fund scheme. All these schemes are aimed at covering workers in India including non-citizens from countries which have bilateral agreements with India.
Of all organisations in the social security sector, the Employee Provident Fund Organisation is among the biggest bearing in mind the huge number of workers who have been covered and the high volumes of funds transacted daily.
The Employee Provident Fund EPFO Organisation is head quartered in New Delhi.
EFPO Constitutional basis
The existence of the Employee Provident Fund Organisation is in fulfilment of the constitution of India’s dictate that the state ought to ensure, as long as it’s within its economic ability, that its citizens secure the right to education, employment and assistance from the state coffers in the event that they find themselves unemployed, sick, disabled or incapacitated by old age. This is under the Constitution of India’s article ‘Directive Principles of State Policy’. EPFO Members may searching for some details like:
- PF Balance Check Online
- PF Withdrawal
- PF Withdrawal rules
- Check PF Claim Status Online
- UAN Balance Check
- UAN Login
- PF Withdrawal Form
- Check EPF Pension
EFPO Administrative Hierarchy
The highest ranking decision making organ of the Employee Provident Fund Organisation is the Central Board of Trustees. The board is comprised of representatives drawn from the employer and employee bodies, the Government of India and the provincial governments.
EFPO’s chief executive officer, who also happens to be the Commissioner of the Central Provident Fund, is under the Permanent Secretary in the Union Labour ministry.
The Employee Provident Fund Organisation is split into zones that fall under the jurisdiction of Central Provident Fund Commissioners. Each state in India has a Central Provident Fund Commissioner. There is a regional office in every state and some states have more than one.
The head of each regional office is the Grade I-ranked Regional Provident Fund Commissioner. Below the regional offices are the sub-regions whose head is the Grade II-ranked Regional Provident Fund Commissioner. The latter are assisted by Assistant Provident Fund Commissioners.
At the district level there are Enforcement Officers whose work is attending to grievances and also inspecting the local employer establishments.
It is estimated that the Employee Provident Fund Organisation employs a total of 20,000 employees of all cadres to help in running its operations. The total number of commissioners alone is now in excess of 800.
Universal Account Number
The Employee Provident Fund Organisation provides its members with a unique number consisting of 12 digits. This number can then be used by a contributing member at the various establishements under EFPO be it the pension scheme, the insurance scheme or the provident fund scheme. The number is not changeable even when one changes employers and will remain the same in an employee’s lifetime.
The Universal Account Number was launched by Narendra Modi, the Prime Minister of India, in 2014.