On 1st November 2023, Union Minister Bhupender Yadav, Ministry of Labour and Employment (MoLE), virtually inaugurated the 71st Foundation Day of the Employees’ Provident Fund Organisation (EPFO) at Bharat Mandapam, New Delhi, Delhi.
- The event witnessed the launches of various initiatives and the distribution of the Bhavishya Nidhi Award 2023 to various offices and establishments.
Note: EPFO is under the administrative control of the MoLE, Government of India (GoI).
Key People:
Rameshwar Teli, Minister of State (MoS), MoLE; Arti Ahuja, Secretary, MoLE Neelam Shami Rao, Central PF Commissioner; and Dr Rajendra Kumar, Director General, Employees State Insurance Corporation (ESIC) were also present in the event.
Bhavishya Nidhi Awards 2023:
The Bhavishya Nidhi Awards 2023 was presented during the 71st EPFO Foundation Day.
- The award recognise the offices and establishments for their contributions and performance.
List of Awardees of Bhavishya Nidhi Awards 2023
Other initiatives at the event:
i.During this event, Rameshwar Teli, MoS. MoLE, inaugurated an exhibition named “Amrit Kaal – Behtar Kal“, displaying the 71 years of EPFO history including the chatbot and revamped MIS 3.0;
ii.He also unveiled the 2nd edition of the State Profile Booklet 2023, establishment e-Report and Compendium of 50 Landmark Judgments, and manuals on Communication Framework Document, Audit Manual, Recovery Manual, and Exemption Manual.
iii.He laid the foundation stone of the Regional Office building in Behrampore, Odisha.
iv.He also inaugurated the Regional Office building in Tumkur, Karnataka; and also inaugurated the new Head Office Building in Kidawai Nagar, New Delhi.
History of EPFO:
i.The Employees’ Provident Fund (EPF) came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951.
- It was replaced by the Employees’ Provident Funds Act, 1952.
ii.The Act was introduced in Parliament as Bill Number 15 of 1952 to create Provident Funds (PFs) for employees in various establishments.
iii.Employees’ Provident Fund (EPF) Scheme framed under section 5 of the Act was brought into force in stages and was enforced in its entirety by November 1, 1952.
Additional info:
i.The Act is now known as the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP) Act, 1952 applies nationwide.
ii.The EPFO is one of the world’s largest social security organizations in terms of membership and financial transactions.
- It is a retirement fund body which on a mandatory basis provides Universal Social Security Coverage to all salaried employees in India.
EPFO Schemes:
i.Employees’ Provident Fund Scheme 1952 (EPF) aims at providing social security to employees employed in an EPF-covered establishment.
ii.Employees’ Pension Scheme 1995 (EPS), a type of social security scheme that intends to benefit employees post their retirement.
iii.Employees’ Deposit Linked Insurance Scheme 1976 (EDLI), launched to provide insurance benefits to members of EPFO for private sector salaried employees. This scheme works in combination with EPF and EPS.
- It gives free insurance coverage to an employee’s family members in the event of his/her death during the term of active service.
Note: The Act and Schemes framed are administered by a tripartite Board known as the Central Board of Trustees (CBT), EPF, consisting of representatives from (both the Central and State), Employers, and Employees.
Recent related News:
The government has allowed the Employees’ Provident Fund Organistaion (EPFO) to invest proceeds from the sale or redemption of investments in equities and related assets. A new clause was added on August 24, 2023, to amend below the previous 2 notifications.
About Employees’ Provident Fund Organistaion (EPFO):
Central Provident Fund Commissioner (CPFC)- Ms. Neelam Shami Rao
Headquarters– New Delhi, Delhi
Established in– 1952
Note: CPFC is the Chief Executive Officer (CEO) of EPFO and is the ex-officio Member Secretary of the Central Board of EPF.
