Employees' Provident Fund Organization
The Employees' Provident Fund Organization (EPFO) is a government body in India that manages the Employees' Provident Fund (EPF) scheme. It aims to provide financial security and retirement benefits to employees in the organized sector. The EPF is a savings scheme where both employees and employers contribute a portion of the employee's salary, which accumulates over time.
EPFO also oversees other schemes like the Employees' Pension Scheme (EPS) and the Employees' Deposit Linked Insurance Scheme (EDLI). These programs ensure that workers receive pensions and insurance benefits after retirement or in case of unforeseen events. The organization plays a crucial role in promoting social security for the workforce.