Legal Basis
The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. The organisation is administered by a Central Board of Trustees, composed of representatives of the Government of India, provincial governments, employers and employees. The board is chaired by the Union Labour Minister of India. The Chief Executive of the EPFO, the Central Provident Fund Commissioner, reports to the Union Labour Minister through the Permanent Secretary in the ministry. The headquarters of the organisation is in New Delhi. .
The Constitution of India under "Directive Principles of State Policy" provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want. The EPF & MP Act, 1952 was enacted by the Parliament of India and came into force with effect from 1 March 1952 as part of a series of legislative interventions made in this direction. Presently, the following three schemes are in operation under the Act:
- Employees' Provident Fund Scheme, 1952
- Employees' Deposit Linked Insurance Scheme, 1976
- Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971)
Read more about this topic: Employees' Provident Fund Organisation Of India
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