Context:
A data breach that impacted the systems of the Employees’ Provident Fund Organisation (EPFO) in 2018 exposing the personal data of millions of Indians was found to have been “repackaged” by a Chinese cyber agency, as per a preliminary probe by New Delhi’s cybersecurity agency.
Relevance:
GS II: Polity and Governance
About Employees’ Provident Fund Organisation
The Employees’ Provident Fund Organisation (EPFO) is a statutory body established under the Employees’ Provident Fund and Miscellaneous Provisions Act of 1952.
Here are some key points about EPFO:
- EPFO is responsible for administering the Employees’ Provident Fund (EPF), Pension Scheme (EPS), and Deposit Linked Insurance Scheme (EDLI) for the organized sector workforce in India.
- The EPF scheme allows employees to contribute a portion of their salary towards a provident fund, which accumulates with interest and provides a lump sum upon retirement or death.
- Partial withdrawals from the EPF are allowed for specific purposes such as education, marriage, illness, and house construction.
- EPFO also operates the EPS, which provides monthly pension benefits for superannuation, disability, survivor, widow(er), and children.
- The EPS also includes a minimum pension for disablement and provides past service benefits for participants of the erstwhile Family Pension Scheme.
- The EDLI scheme offers insurance coverage to EPFO members, providing a benefit in case of the member’s death. The benefit amount is calculated as 20 times the wages, with a maximum benefit of 6 lakh rupees.
- EPFO is governed by the Central Board of Trustees, Employees’ Provident Fund, which consists of representatives from the government, employers, and employees.
- EPFO has a wide presence across the country, with offices located in 122 locations.
- It is one of the largest organizations globally in terms of clientele and the volume of financial transactions it handles.
- EPFO operates under the administrative control of the Ministry of Labour and Employment, Government of India.
-Source: Down To Earth
