Employees' Provident Fund Organisation (EPFO)
The Employees' Provident Fund Organisation (EPFO) is a statutory body in India that manages the provident fund for employees in the organized sector. It was established under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The EPFO aims to provide financial security and retirement benefits to workers by collecting contributions from both employees and employers.
The EPFO oversees the Employees' Provident Fund (EPF), which is a savings scheme that allows employees to save a portion of their salary for retirement. Additionally, it manages the Employees' Pension Scheme (EPS) and the Employees' Deposit Linked Insurance Scheme (EDLI), ensuring comprehensive social security for workers in the country.