Employees Provident Fund Organization (EPFO) : Report
Reports suggest that most of EPFO’s equity investments are routed into Nifty 50 stocks, including Adani Enterprises and Adani Ports & SEZ.
- Employees’ Provident Fund Organization (EPFO) is under the administrative control of the Ministry of Labour and Employment, Government of India.
- It is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.
- It into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th of November 1951.
- It was replaced by the Employees’ Provident Funds Act, of 1952.
- The Employees’ Provident Funds Bill was introduced in the Parliament in the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments.
- The Act is now referred to as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India.
- The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund.
- The Central Board of Trustees consists of representatives of Government (Both Central and State), Employers, and Employees.