Glossary · HR, Payroll & Labour Law
EPFO
The statutory body that administers provident fund, pension and insurance schemes for employees under the EPF & MP Act, 1952.
The Employees’ Provident Fund Organisation (EPFO) administers the Employees’ Provident Fund scheme, the Employees’ Pension Scheme and the Employees’ Deposit-Linked Insurance Scheme for covered establishments. Employers and employees contribute a share of basic wages each month, and members maintain and track their accounts through a Universal Account Number (UAN).
Examples
An employer registers with EPFO and deposits the monthly PF contributions deducted for its eligible employees.