Why in news?
Employees Provident Fund Organisation (EPFO) has processed about 1.37 lakh claims across the country disbursing an amount of Rs. 279.65 crore under a new provision especially formulated by amending the EPF Scheme to help subscribers fight COVID-19.
- The provision for a special withdrawal from the EPF Scheme to fight Covid-19 pandemic is part of the PMGKY scheme announced by the Government.
- Under this provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to member’s credit in the EPF account, whichever is less, is provided.
- Anticipating the huge surge in the demand, EPFO came out with acompletely new software which has been developed from scratch and a receipt module for on-line receipt of the claims was introduced within 24 hours and deployed on 29th March 2020.
- All cases with variation in date of birth up to three years are now being accepted by EPFO.
Employees Provident Fund Organisation (EPFO)
- EPFO is a Statutory Body, formed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
- EPFO is under Union Ministry of Labour & Employment.
- The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country.
- EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India.
- It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis.
- The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed.
- The EPFO’s apex decision making body is the Central Boad of Trustees (CBT).