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EPFO full form is Employees’ Provident Fund Organisation. This organisation is one of the only two main social security agencies under the Ministry of Labour and Employment, Government of India, the other one being Employees’ State Insurance.
EPFO regulates as well as manages provident funds in the country. In this blog post, we shall discuss what EPFO is and its functions.
EPFO full form is Employees’ Provident Fund Organisation. It is a statutory body operating under the Ministry of Labour and Employment, Government of India. It is responsible for administering the Employees' Provident Fund (EPF) Scheme, Employees' Pension Scheme (EPS) and Employees' Deposit Linked Insurance (EDLI) Scheme for workers in the organized sector of the country. It is an essential part of India’s social security system, and is crucial for ensuring the financial security of employees.
For employers with 20 or more employees, EPF registration and contributions are mandatory. The contribution rate is 12% of the employee’s basic salary plus dearness allowance, contributed equally by employer and employee. In case of establishments having less than 20 employees, EPF registration is not mandatory. However, such establishments may still choose to opt-in on a voluntary basis.
Once an establishment is covered under EPF, whether mandatorily or voluntarily, all employees whose basic wages plus dearness allowance are up to Rs. 15,000 per month at the time of joining must be mandatorily enrolled as EPF members. Employees earning above Rs. 15,000 per month may be enrolled only with mutual consent of the employer and employee.
The functions of EPFO are as follows :-
It executes Employees' Provident Fund (EPF) Scheme, Employees' Pension Scheme (EPS) and Employees' Deposit Linked Insurance (EDLI) Scheme all across India.
It manages the accounts of EPFO members.
EPFO ensures the retired individuals get pension as promised under the Employees' Pension Scheme (EPS).
It accurately records all the EPF contributions as well as the interest accruals.
The organisation manages the processes for partial withdrawals, transfers and final settlements of accumulated funds.
In case of the death of the EPF account holder, the organisation is responsible for paying the PF balance and pension to the designated nominee. In case of absence of designated nominee, the organisation pays the PF balance and pension to immediate family members in equal shares.
EPFO full form is Employees’ Provident Fund Organisation. It is a social security institution in India, operating under the Ministry of Labour and Employment, Government of India. It was established in 1952, and is responsible for administering Employees' Provident Fund (EPF) Scheme, Employees' Pension Scheme (EPS) and Employees' Deposit Linked Insurance (EDLI) Scheme. For employers having 20 or more employees, EPF registration is a mandatory requirement. The process for this registration can be completed online.
Also Read:- How to Check EPFO Balance By Missed Call and SMS?
Q1. What is EPFO full form?
A. EPFO full form is Employees’ Provident Fund Organisation. It is one of the two primary social security agencies in India, the other being Employees’ State Insurance.
Q2. What is EPFO full form in Hindi?
A. EPFO full form in Hindi is कर्मचारी भविष्य निधि संगठन (Employees' Provident Fund Organisation).
Q3. What are the primary social security schemes administered by the EPFO?
A. EPFO administers three primary social security schemes, namely, Employees' Provident Fund (EPF) Scheme, Employees' Pension Scheme (EPS) and Employees' Deposit Linked Insurance (EDLI) Scheme.
Q4. When was EPFO established?
A. EPFO was established in 1952.
Q5. Is EPF registration mandatory for employees in India?
A. Yes, EPF registration is mandatory for employers in India if they have employed 20 or more employees. If the employers have employed less than 20 employees, they can opt for the registration on a voluntary basis.
Q6. Which Act mandates provident funds, pension and insurance for organized sector workers in India?
A. The Employees' Provident Funds and Miscellaneous Provisions Act, 1952, is the primary social security act in India, which mandates provident funds, pensions and insurance for workers serving the organized sector in India.
Q7. Is DSC mandatory for employers to complete EPF registration online?
A. Yes. For completing online EPF registration, a Digital Signature Certificate (DSC) is mandatory for the employers.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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