What is the full form of EPFO
What is the full form of EPFO
EPFO: Employee Provident Fund Organization
EPFO stands for Employee Provident Fund Organization. EPFO is one is a retirement fund body which provides Universal Social Security Coverage to all salaried employees in India. It is an organisation tasked to assist the Central Board of Trustees.
It is formed by the Employees? Provident Fund and Miscellaneous Provisions Act, 1952. It is under the administrative control of the Ministry of Labour and Employment, Government of India. It has around 122 offices at different locations across the country.
EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organised sector in India.
EPF or Employees’ Provident Fund is a retirement benefits scheme, under which employees and employers make an equal contribution towards the scheme. The contribution made by both the employer and the employee is 12 per cent of the employee’s basic salary. The employee gets a lump sum amount on retirement with interest.