What is the full form of EPFO?
The full form of EPFO is Employees’ Provident Fund Organisation. It is a statutory body designed to assist the CBT (Central Board of Trustees) of the Indian government. It is established by the Miscellaneous Provision Act, 1952 & Employees Provident Fund. It is under the administrative jurisdiction of the Indian government’s department of Labour & Employment. At various places across the country, it has about 122 offices.
Based on the number of applicants and financial transactions, EPFO is one of India’s most prominent social security organisations. It supports the Central Board in administering a mandatory provident fund contribution program. It also serves as a nodal agency for other nations to enforce Bilateral Social Security Agreements.
A brief history of EPFO
The Employee’s Provident Fund Ordinance came into existence in 1951 that was later replaced by the Employee’s Provident Fund Act of 1952. This case is known as the Employees Provident Funds & Miscellaneous Provisions Act of 1952. It applies across India, except for the state of Jammu and Kashmir.
Structure of EPFO
- The organisation is divided into many zones in India, headed by the Additional Central Provident Fund Commissioners.
- At least one regional agency led by the Regional Provident Fund Commissioner, Grade I, is needed for each state.
- The organisation has been further subdivided into different regions managed by the Regional Provident Fund Commissioners, Grade II.
- In most areas, EPFO has also set up district offices with a Compliance Officer to monitor the local institutions and settle complaints.
Service offered by EPFO
In the case of employers
- UAN member e-Sewa for staff.
- Provides online UAN status.
- Staff’ EPFO Grievance Management system.
- Online Transfer Claim Portal for online submission of transfer claims.
- COC Request form to save the data on the EPFO portal.
- Pension funds platform to access data or information relevant to pensions.
- Inoperative Accounts help desk support.
In the case of employers
- The establishment’s online registration
- Offers UAN ((Universal Account Number) Information
- Online payment for EPF Subscription
- Online Submission of Challan or ECR Submission
- System of EPFO Grievance Management
- Online Transfer Claim Portal
The various programs or schemes implemented by EPFO are:
- Employee’s Pension Scheme
- EPF (Employee’s Provident Fund Scheme)
- EDLI (Employee’s Deposit Linked Insurance Scheme)