DESCRIPTION:
IT INCLUDES
- EMPLOYEES PROVIDENT FUNDS SCHEME 1952
- EMPLOYEES PENSION SCHEME 1995.
- EMPLOYEES DEPOSIT – LINKED INSURANCE SCHEME 1976.
The Employees’ Provident Fund Organisation (EPFO; कर्मचारी भविष्य निधि) is one of the two main social security agencies under the Government of India‘s Ministry of Labour and Employment.
The EPFO is responsible for regulation and management of provident funds in India, the other being Employees’ State Insurance Corporation. The EPFO administers the retirement plan for employees in India, which comprises the mandatory provident fund for persons earning a wage below a pre-defined floor—the current ceiling for it is ₹15,000
For employees earning wages above the ceiling, it is optional to opt-in the scheme. However, the option can be exercised only once. If a person has opted-in to make contributions under the scheme, it is not possible to opt-out later.
The employer has to contribute the same amount as the employee in case of a voluntary opt-in, with a cap of 12% of basic wage.[3] The employees remain free to contribute more if they wish.
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