- Buddha Purnima
- Employees’ Provident Fund Organisation (EPFO)
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).
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.
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