Employees' Provident Fund, India

Employees' Provident Fund, India

The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. 

It was replaced by the Employees’ Provident Funds Act, 1952. It is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of Indian except Jammu and Kashmir.

The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of :-

    

1. Government (Both Central and State),
2. Employers, and
3. Employees

The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India.

It is one of the world’s largest organizations in terms of clientele and the volume of financial transactions undertaken by it. 

The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 120 locations across the country. 

The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India.

The Board operates three schemes viz. :-

1. The Employees' Provident Funds Scheme 1952 (EPF)
2. The Employees' Pension Scheme 1995 (EPS)
3. The Employees' Deposit Linked Insurance Scheme 1976 (EDLI)

source: EPFO website