What is the full form of EPFO
EPFO: Employee Provident Fund Organization
EPFO stands for Employee Provident Fund Organization. It is a statutory body which is formed by Indian Government to assist the Central Board of Trustees (CBT). It is formed by the Employees? Provident Fund and Miscellaneous Provisions Act, 1952. It is under the administrative control of the Ministry of Labour and Employment, Government of India. It has around 122 offices at different locations across the country. The organization also has a training set up to conduct trainings and seminars for the officers, employees of the organization and representatives of the Employers and Employees.
On the basis of number of beneficiaries and financial transaction volume, EPFO is one of the largest social security organizations in India. It assists the Central Board in administering a compulsory contributory provident fund scheme. It also acts as a nodal agency for implementing Bilateral Social Security Agreements with other countries.
The organization came into existence through the Employees' Provident Fund Ordinance in 1951 which was later replaced by Employees' Provident Fund Act, 1952. This Act is currently known as Employees? Provident Funds and Miscellaneous Provisions Act, 1952. It is applicable all over India except the state of Jammu and Kashmir.
The organization is divided into several zones that are headed by an Additional Central Provident Fund Commissioners in each state of the India. Each state is required to have at least one Regional Office which is headed by Regional Provident Fund Commissioner, Grade I. The hierarchy is further divided into Sub-Regions which are controlled by Regional Provident Fund Commissioners, Grade II. They are assisted by Assistant Provident Commissioners. EPFO has also established district offices in most regions with an Enforcement Officer to oversee the local establishments and resolve grievances.
Schemes implemented by EPFO