SC hears EPFO Appeal on Pension Scheme

For Prelims

  • About EPFO – Employees’ Provident Fund Organisation
  • Employees’ Provident Fund Organisation (EPFO), established under Employee Provident Fund and Miscellaneous Provision Act, 1952.
  • EPFO comes under the control of the Ministry of Labour and Employment, Government of India.

3 major schemes under EPFO are:

1. EPFO Scheme 1952
  • Salient features of EPFO schemes
  • Accumulation plus interest upon retirement and death
  • Partial withdrawals allowed for education, marriage, illness and house construction
  • Housing scheme for EPFO members to achieve the Prime Minister’s vision of Housing for all by 2022.
2. Pension Scheme 1995 (EPS)
  • Salient features of the Pension Scheme
  • The monthly benefit for superannuation/benefit, disability, survivor, widow(er) and children
  • Minimum pension of disablement
  • Past service benefit to participants of the erstwhile Family Pension Scheme, 1971.

 

3. Insurance Scheme 1976 (EDLI)
  • Salient features of the scheme
  • The benefit provided in case of the death of an employee who was a member of the scheme at the time of death.
  • Benefit amount 20 times the wages, maximum benefit of 6 Lakh.
  • EPFO is the largest social security organization in the world in terms of the number of covered beneficiaries and in terms of the volume of financial transactions undertaken.

 

Source The Hindu

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