Employee Provident Fund of India or EPF India
The Employees' Provident Fund Organization or the EPFO is a statutory body under the Ministry of Labour and Employment, Government of India and is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions.
The Employee provident Fund of India or EPF India works under the directive principles of State Policy. A provision for securing the right- to work, education, unemployment, old age, sickness & disablement needs to be made by every state in India.
For establishments coming under the purview of the statute, Membership is compulsory for employees.
As per the provisions, every establishment having more than 20 employees in its organization or an organization notified by the central government needs to register with the EPFO. An equal contribution from both the employer and employee, calculated as a percentage of basic salary, is required to be remitted in the EPF account. On this deposit and interest at a prescribed rate is provided to the employee for the complete contribution. This benefits the employees at times of distress, retirement, death or disablement by a lump sum payout to the nominee or his/her family.
The EPF & MP Act, 1952 was enacted by Parliament and came into force with effect from 4th March, 1952 after which numerous interventions were done to include the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 as part of it. Presently, the following:
Three schemes are in operation under the Act:
- Employees’ Provident Fund Scheme, 1952
- Employees’ Deposit Linked Insurance Scheme, 1976.
- Employee’s Pension Scheme, 1995 (Replacing the Employees’ Family Pension Scheme 1971)
The EPFO functions under the policies framed by the Central Board of Trustees, a tripartite body headed by Union Minister for Labour, the Chief Executive Officer (CEO) of the organization and the Secretary of the organization. Further down, the day to day operations are managed by the regional offices, sub regional offices district offices and service centre’s which present at all major cities in India are.
The EPF Online facilities help the employers and employees to view the latest information with respect to the Employee Provident Fund by logging on to http://www.epfIndia.com which is the official website for epf India.
Further the organizations can download the epfo forms for enrolment of the employees to the fund.
The EPF India contact details:
14, Bhikaiji Cama Place,
Bhavishya Nidhi Bhawan,
New Delhi-110 066
For more info on the various epf offices log on to ttp://www.epfIndia.com/jurisdiction.asp and select the state, office and district and click submit to retrieve a list of epf offices in your location