About the Employee Provident Fund Act:
The Employees’ Provident Fund (EPF) was created to help workers save money for their future. It began on November 15, 1951, when the Employees’ Provident Funds Ordinance was implemented. This was later changed to the Employees’ Provident Funds Act in 1952, which aimed to set up savings accounts for factory employees and other businesses all over India.
Purpose of EPFO ACT:
The EPF helps workers save money for retirement and provides financial support in case of emergencies.
- The Central Board of Trustees (CBT) is in charge of managing the EPF. This group includes:
Government representatives (from both the central and state levels)
- Employer representatives 2. Employee representatives
EPFO Main Schemes:
Employees’ Provident Fund (EPF) Scheme 1952: A savings scheme where both the employee and employer contribute a portion of the salary.
Employees’ Pension Scheme (EPS) 1995: Provides a pension to employees after they retire.
Employees’ Deposit Linked Insurance (EDLI) Scheme 1976: Offers insurance benefits to the families of employees in case of death.
- The CBT is assisted by the Employees’ Provident Fund Organization (EPFO), which has 147 offices across India to help manage these programs.
- The EPFO operates under the Ministry of Labour & Employment of the Government of India, ensuring that workers’ savings are protected and managed properly.
In simple terms, the EPF is a way for workers in India to save money for the future, withsupport from their employers and the government.
