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EPF Full Form is Employee Provident Fund. It is a statutory organisation created to support India’s Central Board of Trustees (CBT). The Employees Provident Fund and the Miscellaneous Provision Act of 1952 established it. The Department of Labour & Employment of the Indian government has administrative control over it. It has roughly 122 offices spread out over the nation.
The EPF is one of India’s most well-known social security bodies based on the number of applications and financial activities. It assists the Central Board in managing a programme requiring mandatory provident fund contributions. In order to execute bilateral social security agreements, it also acts as a nodal agency for other countries.
History
Table of Contents
The Employee’s Provident Fund Ordinance was formed in 1951, and the Employee’s Provident Fund Act took its place in 1952. The Employees Provident Funds & Miscellaneous Provisions Act of 1952 is the name of the legal proceeding. All of India is covered by it, with the exception of Jammu and Kashmir.
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Objective of EPF
The following is a list of the key goals of the EPFO:
- Reduce the 30-day window for dispute resolution to three days.
- delivering a trouble-free service to clients via EPFO stations.
- Verify that practically all institutions under the regulation are following the law’s standards.
- Encouragement and a directive to follow up on a voluntary basis.
- Monthly updates are made to member profiles.
- Internet accessibility to a person’s profile.
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Framework of EPFO
The framework and structure of the EPF:
- The organization’s several zones across India are overseen by the Additional Central Provident Fund Commissioners.
- Each state is required to have at least one regional organisation with a Regional Provident Fund Commissioner, Grade I, as its leader.
- The organisation has been further divided into numerous regions by the Regional Provident Fund Commissioners, Grade II.
- The EPFO has also set up district-level offices with a Compliance Officer assigned in most districts to manage complaints and supervise regional institutions.
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