Name the act under which EPFO was formed.
Answer: EPFO was formed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
Enrich Your Learning:
About EPFO:
- The EPFO is a statutory body in India which is responsible for regulation and management of provident funds in India, specifically the Employees’ Provident Fund (EPF).
- It was established in 1952 under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
- It works under the Government of India’s Ministry of Labor and Employment.
- It is one of the two main social security organization, another being Employees’ State Insurance.
- It is one of the World’s largest Social Security Organisations in terms of the volume of financial transactions undertaken.
Functions of EPFO:
- It administers the mandatory provident fund, a basic pension scheme and a disability/death insurance scheme.
- It also manages social security agreements with other countries.
- It also administers schemes like the Employees’ Pension Scheme (EPS) and the Employees’ Deposit Linked Insurance Scheme (EDLI).
Why in News?
The Union Minister for Labour & Employment, Environment, Forest & Climate Change recently inaugurated the 71st Foundation Day of Employees’ Provident Fund Organisation (EPFO).
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