Roles and Responsibilities of Employee Provident Fund Organization
EPF Organisation – ईपीएफ संगठन There are many different kinds of workers or employees in India. All of them will require a certain amount of family security to live their future life in a comfortable manner. During the period of their old age, they might not be able to work which will require providing them required assistance. Even there will be the requirement of managing their funds in a proper manner to give them a good interest for their invested funds.
Many different kinds of schemes are released by the government to ensure all these benefits. From them, EPFO is a quite big organization managing the funds of employees. It covers Contributory Provident Fund Scheme, Pension Scheme, and also an Insurance Scheme. All these schemes will be beneficial to an individual when they retire and are in requirement of funds to sustain their livelihood.
Roles and Responsibilities of Employee Provident Fund Scheme
This body is mainly intended to help the individuals to manage their funds. The total amount of asset under this body is more than 8.5 lakh crore as of 18th March 2016. It has come into effect during 4th March 1952. Different industries which were included in them were of cigarettes, electrical, mechanical or general engineering products and more. All the employees of these industries are liable to get the benefit of this scheme.
Headquarter of the organization is located in New Delhi and is ensuring that the state shall provide an individual right to work, education and public assistance. Mainly this scheme was started by the Parliament of India and came into force during 4th March 1952. It covers three schemes under the act which include provident fund scheme, Insurance Scheme, Pension Scheme.
All the scheme mentioned here are providing financial assistance to the general public who are working in respective companies. In the case of an insurance scheme, an individual will be insured against any kind of sudden accident. The pension scheme is mainly intended to provide financial assistance to the old age people to live the rest of their life happily. Recently the rate of Interest on EPFO was lowered to 8.55% from 8.65% on 21st February 2018.
Discussion on EPF Organisation
Thus, we can say that the Employee Provident Fund Organization is highly important to manage the funds of an individual. The portal for the same is www.epfindia.gov.in. It will help in ensuring that individual can manage their funds for the period when they are in actual need. Insurance and the pension schemes are the ones which can help the individual during their old age period.
- EPF Organisation Website: https://www.epfindia.gov.in
- EPF Organisation Head Office: Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place, New Delhi – 110 066