History of EPFO
- EPFO was generally launched in 1952, and the following schemes were launched under it.
- EPF Scheme 1952, (Employees Provident Fund)
- Pension Scheme 1995 (EPS),
- Insurance Scheme 1976 (EDLI)
- It was launched by the government of India.
- EPFO is under the administrative control of the Ministry of Labour and Employment, Government of India.
- In 1976 this scheme was transferred from the Ministry of Labour to the Ministry of Finance, But after some years around 1997, it was again transformed into the Ministry of Labour and Employment.
- At the start when it was launched, it used to manage around 150 million member accounts.
- For Those employees who used to get less than 15 thousand for those employees, Employee Provident Fund Scheme 1952(EPF) was started.
- In the past few years around 2016–17, there were 0.926 million organizations started and 46 million contributing members from 190 industries were enrolled with EPFO.
EPFO Full Form – Employees’ Provident Fund Organization
EPFO Full Form: EPFO (Employees’ Provident Fund Organization) is a scheme that was started by the government in 1952 To provide the same facility for workers, employees, etc. As we know for private workers no pension is provided by the company once they pass 60 years according to the rule of government. So many of them have to face a lot of financial problems such as an Accident, marriage of our children or any disease got and so on.
EPFO provides social security and retirement benefits to the employees and helps them to live comfortably after their retirement. In this article, we will discuss EPFO full form, its definition, features, history, advantages, and how EPFO works.
Table of Content
- What is the Full Form of EPFO?
- What is EPFO?
- Features of EPFO
- History of EPFO
- How does EPFO work?
- Services offered by EPFO
- Advantages of EPFO
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