How does EPFO work?
- Step-1 Employers who are having at least 20 employees first fall have to register with the EPFO. And the important thing is that every employer should have a unique identity.
- Step-2 Now in the second step both the employer and employees have to invest in EPF, which is nothing but a retirement savings scheme. This amount can be 12% or more than it.
- Step-3 Then EPFO invests the amount which is submitted by the employer and the employee in several instruments such as government securities, bonds, and equities.
- Step-4 It maintains each individual account for each employee who has been invested in this scheme.
- Step-5 once the sufficient time is over or simply we can say during retirement you can withdraw your money.
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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