What is Employees Provident Fund Organization ( EPFO )?
The Employees’ Provident Fund Organization (EPFO) is one of the largest social security institutions globally, dedicated to providing financial security to salaried employees in India. It manages the Employees’ Provident Fund (EPF), a primary retirement benefits scheme established under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
The EPF initiative began with the introduction of the Employees’ Provident Funds Ordinance on November 15, 1951, which was later replaced by the Employees’ Provident Funds Act, 1952. This Act is now recognized as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
EPFO administers three key schemes:
EPF Scheme, 1952 – Provident fund for retirement savings.
Pension Scheme, 1995 (EPS) – Ensures pension benefits post-retirement.
Insurance Scheme, 1976 (EDLI) – Provides life insurance coverage to employees.