EPFO (Employees’ Provident Fund Organisation) is one of the largest social security organisations in the world in terms of the volume of financial transactions undertaken as well as clientele. Currently the organisation maintains more than 15 crore accounts of its subscribers. The Employees’ Provident Funds Ordinance was introduced in 1951 on November 15. With this EPFO came into existence. The Ordinance was replaced by the Employees’ Provident Funds Act, 1952. Then in the year 1952, the Employees’ Provident Funds Bill was introduced in Parliament to provide for the institution of PFs for the staff working in factories and other establishments.
EPFO assists the Central Board of Trustees in administering 3 schemes — EPF Scheme 1952, Insurance Scheme 1976 (EDLI) and Pension Scheme 1995 (EPS) – for the workforce engaged in the nation’s organized sector. The retirement fund body has over the years also taken various initiatives for the benefit of its members. Some of its recent initiatives for EPFO members include the launch of the pensioner’s portal at its website, launch of e-Nomination facility, View Pension Passbook service for pensioners, new facilities for linking members’ Universal Account Number (UAN) with their Aadhaar card, launch of a new mobile application called UMANG, Provision of functionality of generation of e-Form 9, provision of facility of online correction in name, date of birth and gender of employees, etc.
UAN 12-digit number allotted to employee was launched in 2014 to enable one’s PF number portability. Now an employee can auto transfer his/her account on change of employment.