EPFO Current Affairs - 2020

EPFO Scheme: Rs 764 crore released to the pensioners

On May 5, 2020, the Employees Provident Fund Organization has released Rs 764 crores to the pensioners.

Highlights

Around 135 field offices of the scheme processed the payment. This has been done in advance to avoid inconvenience of the pensioners during lock down. The bank branches all over the country have been directed to make sure the pension is credited on time.

EPFO

The EPFO is Employment Provident Fund Organization. It was established under the act EPF and Miscellaneous Provision Act, 1952. The EPFO scheme is implemented by the Ministry of Labour and Employment.

EPFO Scheme, 1952

It was the first EPFO scheme launched by GoI. It paid the labourers accumulated amount and interest upon death and retirement. It allowed partial withdrawals for marriage, education, house construction and illness.

EPF Scheme 1995

The scheme benefitted disabled survivors that faced accidents during duty, widower and children.

In 2014, Universal Account Number was launched for Employees that benefitted through EPFO. In 2018-19, over 61 new subscribers joined the scheme

Social Security Code Bill, 2019

The bill was introduced in 2019 to reduce employee contribution to Provident Fund. The PF has two components namely Employees part and employers’ part. The employees part currently stands at 12% of the basic salary. The bill intends to provide an option to the employees to reduce their contribution.

Portal Santusht launched: To implement policies of Labour Ministry at grass root level

The Portal Santusht is an Implementation Monitoring Cell that was launched by the Ministry of Lobour and Employment in January 2020. The portal addresses delivery of public services, their transparency, accountability, schemes and policies at grass root level.

Highlights

The portal aims to address the speedy redressal of grievances of workers ans employers. It monitors services that are provided by the health insurance and EPFOs (Employment Provident Fund Organization). Also, it monitors the services provided by the ESICs (Employment State Insurance Corporation) to the formal sector workers.

ESIC

The ESIC is a statutory body administered by the Ministry of Labour and Employment. The Corporation can raise loans, acquire movable and immovable properties. It can also set up hospitals in collaboration with the state governments for the benefit of the employees. The ESIC is governed by the ESI (Employment State Insurance) Act.

EPFO

The EPFO is also a statutory body formed and operated under Employment Provident Fund and Miscellaneous Provisions act, 1952. It is also operated under Ministry of Labour and Employment.