Employees Provident Fund Organization ensures that the Employees Provident Fund is safe and secure and all its tasks are handled by the EPF India body that comes under Ministry of labor & Employment. The organization manages a number of areas like Employee Provident scheme, Pension scheme, Insurance scheme and other necessary activities. EPF India is one of the largest social organizations that have many members to coordinate the activities and manage the tasks.
EPF India works in accordance with the rules and regulations laid down by the state government. The main motive of the organization is to preserve the rights of the employees and help them in a better way. All the employees who earn the salary of Rs 6500 or above have to contribute a portion of their income towards EPF India.
More about EPF India
It was in March 4, 1952 that for the first time the Provident Fund Act came into force through the Miscellaneous Provisions Act. Since 1952 a number of amendments have been made to the act. The head quarters of this organization is in New Delhi and consists of employees, delineation of Government of India and employers. The Union Labor Minister is the chairperson of the EPF organization while its activities are managed by the Central Provident Fund Commissioner who directly reports to the Union Labor Minister of India.
The EPFO and EPF India take an initiative to help the citizens of the country with the right to work and contribute towards the growth of the country as well. The organization tries its best to assist the residents in the best possible way and tries to solve their problems as soon as possible. The residents can enjoy additional facilities of healthcare that are offered by EPF India organization. If you are going through health problem or are unemployed, EPF India will accomplish your basic needs and assist you in every manner.
There are basically 3 Provident Fund Schemes that come under 1952 Provident Funds and miscellaneous provisions act which are offered to the people.
- Employees Deposit Linked Insurance Scheme, 1976
- Employees Provident Fund Scheme, 1952
- Employees Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)
According to the rule, the companies that have 20 or more employees should get themselves registered under EPF India and get their employees also enrolled for it. As per the rule, 12% of your basic salary will be deducted every month and it is mandatory for all to follow it. Other facilities include Accidental death Insurance, retirement pension and Provident Fund.