- statutory body under Employees’ Provident Fund and Miscellaneous Provisions Act 1952
- The Code on Social Security 2020 will repeal this older act and new rules may kick in.
- provides Employee Provident Fund (EPF) and Employee Pension Scheme (EPS)
Employee Provident Fund Scheme
- social security scheme
- interest rate determined by EPFO in consultation with finance ministry
- if establishment has > 20 workers ⟹ mandatory to register with EFPO
- workers with salary ≤ 15,000/mo must contribute 12% of salary to scheme and same amt contributed by employer
- for workers with salary > 15,000, its voluntary
Employee Pension Scheme 1995
- employer and employee contribute 12% of employee’s basic salary and DA to EPF
- employee’s part goes to EPF
- employer’s part: 3.67% to EPF, 8.33% to EPS
- GoI contributes 1.16%