DAILY CURRENT AFFAIRS:Panels formed to look into EPFO functioning.
Panels formed to look into EPFO functioning.
The Union Labor and Employment cabinet Minister Bhupendra Yadav has approved four ad-hoc board-level committees to oversee the functioning of various aspects of the Employees' Provident Fund Organization (EPFO), including IT, communications and pensions.
The committee headed by Labour Secretary “Sunil Barthwal”:
Committee on ‘pension reforms’ and
Committee on ‘IT and Communications’
The committee headed by Minister of State for Labour and Employment Rameswar Teli.
Committee on ‘EPFO’s internal human resources and establishment matters’ and
Committee on ‘finding ways to enhance EPFO’s coverage and reducing related litigation’.
Employees Provident Fund Organisation is a statutory organisation set up under the Union ministry of Labour and Employment was set up in 1951 by an Ordordinance issued by the President . Later Parliament passed Employees’ Provident Funds Scheme, act 1952. It is the country’s largest social security ororganisation.
Function of EPFO
EPFO assists the Central Board of Trustees (EPF) in the administration of a provident fund scheme, pension scheme and an insurance scheme for the registered establishments in India
The Central Board of Trustees (EPF) operates 3 schemes.
The Employees’ Provident Funds Scheme, 1952 (EPF)
The Employees’ Pension Scheme, 1995 (EPS)
The Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI)
EPFO is also the nodal agency for implementing Bilateral Social Security Agreements with other countries.
Employee Provident Fund (EPF) is a retirement benefit scheme maintained by the Employees’ Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on a monthly basis in equal proportions of 12% of the basic salary and dearness allowance. The interest rate is decided annually by the Government of India.
Employees’ Pension Scheme, 1995 (EPS)
The scheme makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years. However, the benefits of the scheme can be availed only if the employee has provided a service for at least 10 years
Employees’ Deposit Linked Insurance Scheme, 1976
It is an insurance scheme .The registered nominee of the EDLI scheme receives a lump-sum payment in the event of the death of the EPF member, during the period of the service. The nominee registered in the EDLI is the same as registered in the Employees' Provident Fund (EPF) Scheme.
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