EPF Full Form

EPF full form is Employees' Provident Fund (EPF). EPFO is a widely recognized social security organization in India. It assists the Central Board to run an authorized provident fund contribution scheme. It also acts as a platform for other countries to enforce Bilateral Social Security Agreements. Want to learn more about the EPF? Continue reading this article.

What is the Full Form of EPF? 

EPF full form is Employees' Provident Fund (EPF). It is a type of "Provident Fund Schemes," which is a mandatory savings and retirement program for qualified employees. When employees retire, they may draw on the corpus of the fund. According to EPF requirements, employees must contribute 12% of their monthly income to this fund each month. The organization matches the employee's contribution to the PF account. On funds deposited into EPF accounts, annual interest is provided. Employees who retire have the option of withdrawing the whole amount accumulated in their EPF.

History of EPF

The EPF was established on November 15, 1951, with the enactment of the Employees' Provident Funds Ordinance. It was repealed in 1952 by the Employees' Provident Funds Act. The Employees' Provident Funds Bill was proposed in Parliament as Bill Number 15 in 1952, with the purpose of establishing provident funds for employees in factories and other businesses. The Employees' Provident Funds and Miscellaneous Provisions Act, 1952, presently covers the whole republic of India except for Jammu and Kashmir.

 The Organizational Structure Of EPFO 

The Central Board of Trustees oversees the EPF, full form of which is Employees' Provident Fund. The Central Board and the Executive Committee are members of the Trustees Board. A chairman sits on the Central Board as well as the Executive Committee. The central board consists of  a vice chair, and the commissioner for the central PF is on the Executive Committee. Both are represented by federal and state government representatives, along with employees and employers. 

•  In India, the organization has been divided into various zones that are led by Additional Central Provident Fund Commissioners.
• Each state requires at least one regional agency overseen by the Regional Provident Fund Commissioner, Grade I.
• The organization has been divided further into distinct areas, which are governed by Regional Provident Fund Commissioners, Grade II.
• EPFO has also established district offices with a Compliance Officer in most locations to monitor local institutions and resolve issues.

About The EPF Scheme 

• The accumulation plus interest is distributed at retirement or death.
• Partial withdrawals are allowed for educational purposes, marriage, ailments, and building a residence.
• Housing scheme for EPFO members to achieve Prime Minister Narendra Modi's goal of housing for everybody by 2022.
• 1995 Pension Scheme (EPS)

Highlights of the Pension Scheme: The monthly payment for superannuation, disability, survivor, widow(er), and children benefits. The minimum disability pension. Participants in the prior Family Pension Scheme of 1971 were eligible for a prior service benefit.

• The 1976 Insurance Scheme (EDLI): 

           The benefit is paid out in the case of the death of an employee who was a member of the program at the time of death. The benefit is 20 times of the salary, with a maximum payout of Rs. 6 lakh.

Online Services Provided By EPFO 

• Portal Principal Employers - CAIU: EPFO would create a Central Analysis and Intelligence Unit (CAIU) to gather and evaluate field-level data in order to develop a reliable and accountable labor inspection system.
• Pensioners' Portal: It serves as a single source for services surrounding pensions for Central Government employees or their family.
• Jeevan Praman through Mobile App: Using Jeevan Praman, pensioners are able to generate DLCs (Digital Life Certificates) for several PPOs with a single biometric identification.
• International Workers Portal: An international worker (IW) (SSA) is any employee who is either a foreign individual working in India for an employer registered with the EPFO or an Indian employee working in a foreign country with which India has a social security agreement.

Written By: Mia Singh