CURRENT AFFAIRS

Detailed explanation-1: -EPFO Housing Scheme 2023 – Complete Details. EPFO has allowed members i.e. the contributory employees of the provident fund (PF) scheme to use 90 percent of EPF accumulations to make down payments to buy houses and use their accounts for paying EMIs of home loans.

Detailed explanation-2: -This scheme is applicable to every establishment in which 20 or more persons are employed other than excluded employees and in certain cases organisation employing less than 20 persons are also covered, subject to certain conditions and exceptions.

Detailed explanation-3: -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 Ministry of Labour and Employment, Government of India (click here).

Detailed explanation-4: -The Employees’ Provident Fund Organisation (EPFO) is one of the two in statutory social security bodies under the Government of India’s Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees’ State Insurance.