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PIB Summaries 17 May 2022


  1. Buddha Purnima
  2. Employees’ Provident Fund Organisation (EPFO)

Buddha Purnima

Focus: GS I- History

Why in News?

Prime Minister attended the 2566th Buddha Jayanti Celebration at International Convention Center and Meditation Hall at Lumbini, Nepal.

About Gautama Buddha:

  • He was born in Lumbini, near the Indo-Nepal border, as Siddhartha Gautama to a royal family in around 563 BCE.
  • His ancestors belonged to the Sakya clan, which governed from Lumbini’s Kapilvastu.
  • At the age of 29, Gautama left home and abandoned his affluent lifestyle in favour of asceticism, or intense self-discipline. Gautam gained Bodhi (enlightenment) under a pipal tree in Bodhgaya, Bihar, after 49 days of meditation.
  • Buddha preached his first sermon in Sarnath, Uttar Pradesh, near Varanasi. Dharma Chakra Pravartana is the name given to this occurrence (turning of the wheel of law).
  • He died at the age of 80 in 483 BCE at Kushinagara, Uttar Pradesh. The event is known as Mahaparinibban or Mahaparinirvana.
  • He is believed to be the eighth of the ten incarnations of Lord Vishnu (Dashavatar).

Employees’ Provident Fund Organisation (EPFO)

Focus: GS III- Indian Economy

Why in News?

EPFO now offers an annual interest rate of 8.5 percent.

About Employees’ Provident Fund Organisation (EPFO)

Nodal: Ministry of Labour & Employment

  • It is a government organization that manages provident fund and pension accounts of member employees and implements the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
  • The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 provides for the institution of provident funds for employees in factories and other establishments.
  • It is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.

Click Here To Read More: Employees’ Provident Fund Organisation (EPFO)



December 2023