What is EPFO?
EPFO stands for the Employees’ Provident Fund Organisation. It is a statutory body under the Ministry of Labour and Employment of the Government of India. The main function of the EPFO is to manage the Employee Provident Fund (EPF), a scheme under which employees contribute a portion of their salary to a provident fund account, and the employer also contributes an equal amount. This fund is managed by the EPFO, and the accumulated amount is paid out to the employees as a lump sum amount at the time of their retirement or resignation.
Apart from the EPF, the EPFO also manages other social security schemes such as the Employees’ Pension Scheme (EPS) and the Employees’ Deposit-Linked Insurance Scheme (EDLI) to provide financial security to employees in case of their retirement, death, or disability.
The EPFO has an online portal where employees can check their EPF balance, claim status, and download their EPF passbook. The EPFO also provides various services to employers, such as online registration, submission of electronic challan-cum-return (ECR) for EPF contributions, and submission of claims for employees.