What is the Full Form of EPF?

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 

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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