DAILY NEWS ANALYSIS
13 April, 2020
9 Min Read
Part of: GS Prelims and GS-III- ECONOMY-EPFO (PT-MAINS-PERSONALITY TEST)
EPFO processes around 1.3 lakh claims, disburse to help fight corona to the subscriber
Employees Provident Fund Organization, EPFO, has processed about 1.37 lakh claims disbursing 279.65 crore rupees under a new provision to help subscribers fight COVID-19. This provision was especially formulated by amending the EPF Scheme. The remittances of the money have already started taking place. The system as it stands today is processing all applications which are fully KYC compliant within less than 72 hours.
The provision for a special withdrawal from the EPF Scheme to fight the COVID-19 pandemic is part of the Prime Minister's Garib Kalyan Yojana announced by the government. EPFO is also accepting the date of birth recorded in the Aadhaar card of a subscriber as valid proof for rectification of the date of birth in PF records.
What is EPFO?
Employee Provident Fund Organisation (EPFO) was established by an act of the Parliament of India, to provide social security to workers working in India. It came into force by Employee Provident Fund and Miscellaneous Provision Act, 1952. EPFO comes under the control of the Ministry of Labour and Employment, Government of India.
There are 3 major schemes of EPFO
1. EPFO Scheme 1952
Salient features of EPFO schemes
2. Pension Scheme 1995 (EPS)
Salient features of the Pension Scheme
3. Insurance Scheme 1976 (EDLI)
Salient features of the scheme
EPFO is the largest social security organisation in the world in terms of the number of covered beneficiaries and the largest in terms of the volume of financial transactions undertaken. On 1st October 2014, Prime Minister launched Universal Account Number for Employees covered by EPFO to enable PF number portability.
Recently Steps were taken by the EPFO to facilitate efficient services
Online facilities provided by the EPFO for the following processes
UAN (Universal Account Number)
It is a 12-digit number allotted to an employee working in an organisation. If a person has multiple member IDs issued by multiple organisations, all the IDs will come under one single UAN number which will be the same for a lifetime. This number will not change even when an employee changes his organisation.
The various benefits attained due to UAN.
Number of new enrolments
Social Security Code Bill 2019
The Bill will be tabled in Parliament in the 2nd week of December 2019. This Bill is being proposed by the Ministry of Labour, to reduce the Employee's contribution to PF. Provident Fund has 2 components. One is the Employees part and the second is the employers part. Currently, the Employee contribution and Employer's Contribution to PF stands at 12% of the Basic Salary. As per the proposed Bill, which will be tabled in Parliament; Employees will be given the option of reducing their contribution to PF. This is being done to increase the take-home salary of Millions of employees in the Organised sector in order to boost consumption and therefore arrest the decline in the economy.
Salient Features of the Social Security Code Bill 2019
Social Security Code Bill 2019 subsumes 8 Central Labour Laws
Employees’ Provident Fund Organisation (EPFO)
Employees Pension Scheme (EPS):
Jai Hind Jai Bharat
Source: AIR / Web
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