Jump to content

Employees' Provident Fund Organisation

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Non-dropframe (talk | contribs) at 12:31, 6 May 2016 (Reverted edits by 223.227.135.71 (talk) (HG) (3.1.20)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Employees' Provident Fund Organisation
Native name
[कर्मचारी भविष्य निधि संगठन] Error: {{Lang}}: unrecognized language tag: hindi (help)
FoundedINDIA(4 March 1952 (1952-03-04))
Headquarters
Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place,
New Delhi
,
India
Key people
Dr. V P Joy, Central Provident Fund Commissioner,
P K Udgata Additional Central Provident Fund Commissioner, Rajesh Bansal Additional Central Provident Fund Commissioner
ServicesProvident Fund, Pension and Insurance schemes, Implementing agency for Bilateral Social Security Agreements
Websitewww.epfindia.gov.in

The Employees' Provident Fund Organisation (abbreviated to EPFO), is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 15 Social Security Agreements are operational).[1] It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.[2] The EPFO's apex decision making body is the Central Board of Trustees (CBT).[3]

The total assets under management are more than ₹8.5 lakh crore (US$128 billion) as of 18 March 2016.[4]

On 1 October 2014, Prime Minister of India Narendra Modi launched universal account number for Employees covered by EPFO to enable PF number portability. [5]

The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. The organisation is administered by a Central Board of Trustees, composed of representatives of the Government of India, provincial governments, employers and employees. The board is chaired by the Union Labour Minister of India. The Chief Executive of the EPFO, the Central Provident Fund Commissioner, reports to the Union Labour Minister through the Permanent Secretary in the ministry. The headquarters of the organisation is in New Delhi.[2]

The Constitution of India under "Directive Principles of State Policy" provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want. The EPF & MP Act, 1952 was enacted by the Parliament of India and came into force with effect from 4 March 1952 as part of a series of legislative interventions made in this direction. Presently, the following three schemes are in operation under the Act:

  1. Employees' Provident Fund Scheme, 1952
  2. Employees' Deposit Linked Insurance Scheme, 1976
  3. Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971)

Appeals

The orders of the Department can be appealed to Employees' Provident Fund Appellate Tribunal[6] at New Delhi. The Tribunal is located at Scope Tower, Laxmi Nagar-sss, New Delhi and Bengaluru and is presided by Presiding Officer who is a member of Judicial Service and by a Registrar who is deputed from the other central government cadres.

Structure

The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country. To this end, the Commissioners of the Organisation are vested with vast powers under the statute conferring quasi- judicial authority for search and seizure of records, assessment of financial liability on the employer, levy of damages, attachment and auction of a defaulter's property, prosecution and arrest and detention in civil prison.

Administratively, the organisation is organised into zones which are headed by an Additional Central Provident Fund Commissioner for each of the political states in the country. The states have either one or more than one Regional Offices headed by Regional Provident Fund Commissioners (RPFC) (Grade I) which are further sub- divided into Sub-Regions headed by Regional Provident Fund Commissioners (Grade II). To assist them are Assistant Provident Fund Commissioners. Most of the districts in the country have small district offices where an Enforcement Officer is stationed to inspect the local establishments and attend to grievances.

The total manpower of the EPFO is at present more than 20000 including all levels. The Commissioner cadre numbering 815 are recruited directly, competitively, through the Union Public Service Commission of India as well as through promotion from lower ranks. Subordinate Officers (Enforcement Officers/Accounts Officers) are also recruited directly in addition to promotion from the staff cadre of social security assistants.

UAN

UAN is Universal Account Number. The UAN is a 12-digit number allotted to employee who is contributing to EPF will be generated for each of the PF member by EPFO. For example, 111222333444. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments and also remains same through the lifetime of an employee. It does not change with the change in jobs. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to view details of all the Member Identification Numbers (Member Id) linked to it. Once you have the UAN number and you register it, you can check many details.

EPFO has now started to provide refund of Administrative charges if all the KYC details are updated for all employees. This incentive program is announced for the Year 2016-2017.[7]

EPF Withdrawal New Rules- 2016

The Ministry of Labour and Employment, Government of India, has recently made few amendments in the Employees’ Provident Fund Scheme, 1952 (PF Scheme). These guidelines are mainly related to ‘early withdrawals‘ from Provident Fund & provisions related to PF withdrawals. These latest EPF withdrawal rules are effective from 10th February, 2016.[8]

Amendments are related to;

  • Full EPF balance cannot be withdrawn before attaining the new Retirement Age of 58 years.
  • Continuity of EPF membership.
  • Increase in Age limit to withdraw 90% of PF balance.
  • Partial withdrawal of EPF amount on Resignation.
  • Increase of retirement age.

References

  1. ^ http://www.epfindia.gov.in/iw.html
  2. ^ a b "About Us". Employees' Provident Fund Organisation. Retrieved 2013-06-05.
  3. ^ PTI (2016-03-18). "Interest rate on Public Provident Fund cut to 8.1% from 8.7%". The Economic Times. Retrieved 2016-03-18. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  4. ^ PTI (2016-03-18). "EPFO to invest more in government bonds amid corporate loan defaults". The Economic Times. Retrieved 2016-03-18. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  5. ^ http://economictimes.indiatimes.com/articleshow/44833365.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
  6. ^ "EPFAT : Introduction". Employees' Provident Fund Organisation. Retrieved 2013-06-05.
  7. ^ EPFO (2016-03-03). "Incentive Refund Scheme- Universal Account Number (UAN)- EPF". bibleHR.com. Retrieved 2016-03-03. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  8. ^ EPFO- EPF Withdrawal New Rules, 2016 (2016-02-10). "EPF Withdrawal New Rules". bibleHR.com. Retrieved 2016-03-03. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)CS1 maint: numeric names: authors list (link)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Employees%27_Provident_Fund_Organisation&oldid=718918234"