Trusted Firm PF ESIC Consultant in Ahmedabad

Top PF ESIC Consultant in Ahmedabad

Pro Legal HR Outsourcing Companies by PF ESIC Consultant in Ahmedabad India. The Indian government established the Employees' Provident Fund Organization (EPFO) as a statutory entity. Its primary goal as the nation's largest social security agency is to help people save money for retirement, among other things. Founded in 1952, EPFO operates under the jurisdiction of the Ministry of Labor and Employment.

This article outlines the methods EPFO uses to improve the social security system in India and examines its role in that regard.

EPF and Its Relevance

In accordance with the "Directive Principles of State Policy" section of the Indian Constitution, the State must, to the extent of its financial resources, ensure that citizens have access to public assistance, employment opportunities, and education in the event of unemployment, old age, illness, or unjustifiable want.

According to this assertion, a dynamic social security program was required in light of the shifting environment. In an effort to give employees and their dependents a respectable life after their job tenure ended, the legislation for a provident fund was enacted.

The Employees' Provident Funds (EPF) Ordinance, passed in 1951, established the Employees' Provident Fund (EPF). The EPF Funds Act, 1952 eventually took the role of the EPF Ordinance. In order to give employees of factories and other institutions provident funds, the EPF Bill was presented to the parliament in 1952.

Pro Legal HR Outsourcing Companies by PF ESIC Consultant in Ahmedabad India. EPFO's organizational structure The Central body of Trustees (EPF), a tripartite body, is responsible for overseeing the Act and all of its programs. Employers, employees, and representatives of the Central and State governments make up the board. The Indian government's Ministry of Labor and Employment serves as the board's chair. Three programs are run by the Central Board of Trustees (EPF).

Employee Provident Funds Scheme (EPF) established in 1952

The 1995 Employees' Pension Plan (EPS)

The Employees' Deposit Linked Insurance Plan (EDLI), established in 1976

The Ministry of Labor and Employment, Government of India, has administrative authority over the EPFO, an organization created to support the Central Board of Trustees (EPF).