The full form of the acronym EPFO is Employees’ Provident Fund Organization.
The EPFO or the Employee’s Provident Fund Organization is defined to be a statutory body that falls under the Government of India’s Ministry of Labor and Employment. The main duty that the EPF is responsible for is the regulation and management of the provisional funds of India.
The mandatory provident fund is administered by the EPFO administrators. The EPFO is the Employee’s Provident Fund Organization and is actually one of the largest social security organizations in the entire world. It is described to be a financial body that is responsible for providing social security to the employees who are rendered salaried in India. The main retirement benefits scheme which falls under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and is managed by EPFO is the EPF.
The Employee’s Provident Fund Organization was established when Employees’ Provident Funds Ordinance was declared on the date of 15th the month November in the year 1951. The following year, the Employees’ Provident Funds Ordinance got replaced by the Employees’ Provident Funds Act, which was in the succeeding year, 1952. This act from 1952 is currently referred to as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
Was on October 1, in the year 2014, when a new program was launched by the Government of India known as a Universal Account Number for employees, which was covered by EPFO. The main reason behind the launching of such a new program was the intention of enabling the portability of the Provident Fund Number.