About EPFO

• The Employees’ Provident Fund was established under the Employees’ Provident Funds Act, 1952. 
• The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
• The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India. 
• It is one of the world’s largest organizations in terms of clientele and the volume of financial transactions undertaken by it. 
• The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 122 locations across the country. 
• The EPFO is under the administrative control of the Ministry of Labour and Employment.
• The Board operates three schemes viz. :-
  • The Employees’ Provident Funds Scheme 1952 (EPF)
  • The Employees’ Pension Scheme 1995 (EPS)
  • The Employees’ Deposit Linked Insurance Scheme 1976 (EDLI).

Why in News?

• The Centre has accepted the recommendation of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to increase the interest rate of deposits in Provident Fund (PF) to 8.15%.

https://www.thehindu.com/business/govt-ratifies-815-pc-interest-rate-on-employees-provident-fund-for-2022-23/article67116185.ece