Services offered by EPFO
- As the name suggests, Employee Provident Fund (EPF) is a scheme that receives some part of an employer’s income money and returns with some interest.
- It puts 8.33% of the income of employers then after retirement EPF provides them a monthly pension in each month
- It provides life insurance services. From the beginning, EPFO receives the 0.5% of the employer’s income. If any employee deaths in the middle of the job then that employee’s family will receive the nominee receives a lump sum payment.
- It provides a Universal Account Number (UAN) to each& every employee, which acts as a unique identification number to carry out all transactions.
- It provides a grievance redressal mechanism to all employers to solve the problems they are having.
EPFO Full Form – Employees’ Provident Fund Organization
EPFO Full Form: EPFO (Employees’ Provident Fund Organization) is a scheme that was started by the government in 1952 To provide the same facility for workers, employees, etc. As we know for private workers no pension is provided by the company once they pass 60 years according to the rule of government. So many of them have to face a lot of financial problems such as an Accident, marriage of our children or any disease got and so on.
EPFO provides social security and retirement benefits to the employees and helps them to live comfortably after their retirement. In this article, we will discuss EPFO full form, its definition, features, history, advantages, and how EPFO works.
Table of Content
- What is the Full Form of EPFO?
- What is EPFO?
- Features of EPFO
- History of EPFO
- How does EPFO work?
- Services offered by EPFO
- Advantages of EPFO