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EPFO
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
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)
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
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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