EPFO adds 1.39 crore subscribers in last two financial years
National
- Employees' Provident Fund Organization - EPFO has added one crore 39 lakh subscribers in last two financial years.
- Ministry of Labour and Employment in a statement said that net addition to subscriber base has gone up from 61.12 lakh in 2018-19 to 78.58 lakh in 2019-20, registering a 28 per cent growth.
- The tax free returns of 8.5 per cent for 2019-20, which is one of the highest among other social security instruments and fixed deposits, has helped EPFO reduce its exits for 2019-20 by around 10 per cent as compared with previous year.
- The Ministry said, age wise analysis during 2019-20 indicates that for the age group 26 to 28, 29 to 35 and beyond 35, the net enrolment has increased by more than 50 per cent compared to previous year.
Source: AIR
Related General Knowledge
Employees' Provident Fund Organisation
- The Employees' Provident Fund Organisation (abbreviated to EPFO), is an organization tasked to assist the Central Board of Trustees, Employees' Provident Fund a statutory body formed by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India.
- EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India.
- Founded: 4 March 1952, New Delhi
- Headquarters: New Delhi
- Jurisdiction: India
- Type of business: Central-Owned
Ministry of Labour & Employment
- The Ministry of Labour & Employment is one of the oldest and most important Ministries of the Government of India.
- The Ministry of Labour and Employment is India's federal ministry which is responsible to protect and safeguard the interest of workers in general and the poor, deprived and disadvantaged sections of the society.
- The Ministry aims to create a healthy work environment for higher production and productivity and to develop and coordinate vocational skill training and employment.
- Officeholder: Santosh Gangwar (MOS independent charge)
- Headquarters: Rafi Marg, New Delhi