CURRENT AFFAIRS

Detailed explanation-1: -The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India (click here).

Detailed explanation-2: -The Central Board of Trustees, EPF is a statutory body constituted by the Central Government under the provisions of section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (Act 19 of 1952). The tenure of the Board is five years.

Detailed explanation-3: -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.

Detailed explanation-4: -The administration and management of Employees’ Provident Fund (EPF) is carried out by the Central Board of Trustees (CBT) established by the Central Government consisting of representatives of the Government, employers and employees respectively.

Detailed explanation-5: -Provident fund is a government-managed retirement savings scheme for employees who can contribute a part of their pension fund every month.