Regulatory Aspect
Employees Provident Fund Organization (EPFO) is under the Ministry of Labor and is a primary organization for retirement income for private employees in India. Parliament enacted the EPF & MP Act, 1952 and it came into force with effect from 14th March, 1952. A series of legislative interventions were made in this direction, including the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. 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).
In addition, the EPFO is also empowered to decide on the companies that may be permitted to administer their own provident and pension schemes. The Organization functions under the overall superintendence of the policies framed by the Central Board of Trustees, a tripartite body headed by the Union Minister for Labor as the Chairman. The Central Board of Trustees governs the Employees Provident Fund. It is vested with the responsibility of implementing the Employees' Provident Fund Scheme, the Employees' Pension Scheme and the Employees' Deposit Linked Insurance Scheme.