EPFO related some important information and current newsEmployees Provident fund came into existence with the

promulgation of the
employees provident fund ordinance on 15 th Nov 1951. Later it was replaced by
employees provident fund act 1952. Now this act is referred as employees
provident fund and miscellaneous provisions act 1952 (came into effect on 4
March 1952) . It extends to the whole india except Jammu and Kashmir.
The Employees' Provident Fund Organisation (abbreviated to EPFO), is a
statutory body of the Government of India under the Ministry of Labour and
Employment. It administers a compulsory contributory Provident Fund Scheme,
Pension Scheme and an Insurance Scheme. The schemes cover Indian workers
as well as International workers (for countries with which bilateral agreements
have been signed. The EPFO's apex decision making body is the Central Board
of Trustees (CBT)
This act is administered by tripartite board known as the
1. Central board of trustees
2. Employees of provident fund
3. Employers & employees
It is one of the world largest organization interms of clientele and volume of
financial transaction undertaken by it . It is under Min. Of labour . It has 122
offices across country . It also provide UAN no. (universal account no). UAN is
Universal Account Number. The UAN is a 12-digit number allotted to
employee who is contributing to EPF . UAN will act as an umbrella for the
multiple Member Ids allotted to an individual by different establishments and
also remains same through the lifetime of an employee. It does not change with
the change in jobs. The idea is to link multiple Member Identification Numbers
(Member Id) allotted to a single member under single Universal Account
Number. This will help the member to view details of all the Member
Identification Numbers (Member Id) linked to it.
Employee EPFO is a beneficial entity engaged in providing social security to
crores of workers in the country. Recently EPFO has undertaken several
initiatives involving Information Technology for benefit of its stakeholders.
Union Minister for Labour and Employment (independent charge) Bandaru
Dattatreya, launched Facebook account and Twitter handle of EPFO during a
Good Governance Day ( 25 December 2015).

EPFiGMS- the online public grievance handling mechanism of EPFO.

CBT, EPF RECOMMEND ENHANCEMENT OF EDLI BENEFITS TO Rs. 6
LAKHIn a major decision, the Central Board of Trustees under the Chairmanship of
Shri Bandaru Dattatreya, Union Minister for Labour & Employment &
Chairman, Central Board of Trustees (CBT), EPF recommended enhancement
of EDLI benefits under the Employees Deposit Linked Insurance Scheme 1976
admissible to dependants of EPF members from the present maximum of Rs
3,60,000 to Rs 6,00,000/-.+ removal of the condition of continuous employment
of one year within the same establishment.
In August, 2015, EPFO made history in a way that it participated in equity
investment for the first time.
Implementation of Social Security Agreement between Republic of India and
the Republic of Austria with effect from 01st July 2015
Launching of Nidhi Aapke Nikat or PF Near You
EPFO head office @ Delhi.
National Child Labour Policy, the NCLP Scheme was started in 1988 to
rehabilitate child labour. The Scheme seeks to adopt a sequential approach with
focus on rehabilitation of children working in hazardous occupations &
processes in the first instance. Under the Scheme, after a survey of child labour
engaged in hazardous occupations & processes has been conducted, children are
to be withdrawn from these occupations & processes and then put into special
schools in order to enable them to be mainstreamed into formal schooling
system.
EPFO - decided to begin investments in bonds rated AA+ or higher issued by
private sector banks + rating should be given by 2 rating companies. it is
required to park 35 per cent to 45 per cent of its fresh accruals into corporate
bonds, higher than the previous threshold of 10 per cent. investments in bonds
rated AA+ or higher, PF savings can now be invested in bonds issued by private
banks with a tenure of 10 years, with an upper limit of 20 per cent of each
banks net worth. With the EPFOs existing norms precluding it from investing
in debt rated lower than AAA, the retirement fund manager had invested just
Rs. 7,600 crore in corporate bonds in the first five months of this year, as
against its targeted allocation of Rs. 33,000 crore-Rs. 45,000 crore for 2015-16.

Labour laws- 44 central labour laws will be replaced by four labour codes. The
government is striving to introduce five more labour reform legislations in the
winter session of Parliament, including the bills to introduce a new wage and
industrial relations code and amend laws governing child labour and bonus
payments. addition to the amendments to the Factories Act of 1948. Govt wants
to table the Bills to introduce the Wage and Industrial Relations codes, the new
law for small factories and the amendments to the Child Labour and Payment of
Bonus Acts. key thrust of these reforms was creating more jobs and improving
the ease of doing business.
Payment of Bonus (Amendment) Bill, 2015- law is being changed to make more
employees eligible for bonus and double such payments. It proposes to raise the
salary ceiling for statutory bonus payments to Rs. 21,000 per month from Rs.
10,000 specified under the 1965 law. The Small Factories (Regulation of
Employment and Conditions of Services) Bill, for instance, seeks to make it
easier for manufacturing firms to employ upto 40 workers by exempting them
from compliance with six labour laws which include the Factories Act, the
Industrial Disputes Act of 1947 and the Shops and Establishment Acts of
respective states. The code on wages aims to replace four different laws
pertaining to salaries the Payment of Wages Act of 1936, the Minimum
Wages Act of 1948, Payment of Bonus Act, 1965 and the Equal Remuneration
Act, 1976. Similarly, the code on industrial relations would substitute three
different laws the Trade Unions Act of 1926, the Industrial Disputes Act and
the Industrial Employment (Standing Orders) Act of 1946.
Child Labour (Protection and Regulation) Amendment Bill, 2012- The Bill
proposes that children below fourteen years of age may only be allowed to work
in their own family enterprises. It also bars employment of children in
hazardous occupations till the age of 18 years. Nobel laureate Kailash Satyarthi
has, however, raised concerns about the Bill reducing the list of such
occupations from 83 to just three mining, inflammable substances and
explosives and hazardous occupations as per the Factories Act. This would
leave the door open for children to be employed in sectors that are largely
family-run like the carpet industry, embroidery and agriculture.
Payment of bonus amendment bill 2015- To make more workers eligible for
bonus and double bonus payout.
Child labour protection and regulation bill 2012- bars children till age of 18
years to work in hazardous industries but allow under age of 14 to work in
family enterprise

Labour codes on wages bill- 2015 to replace four laws pertaining to minimum
wages payment of salaries and benefits.
Labour code on industrial relation bill 2015- To replace three labour laws
including the trade union act 1926 and industrial dispute act of 1947.
Small factories regulation of employment and condition of services bill 2014To exempt firm with upto 40 employees from compliance with 6 major laws.
EPFO savings to cross Rs. 10-lakh-cr. Mark
With savings of over 8.5 crore employees in the formal sector from 6.32 lakh
establishments, the EPFO is already Indias second largest non-banking
financial institution with only Life Insurance Corporation of India having a
bigger kitty.

Sourcehttp://search.epfoservices.org:81/eNewsletters_PDFs/Newsletter_Oct2015.pdf
http://www.epfindia.com/site_en/index.php
http://www.thehindu.com/news/national/epfo-savings-to-cross-rs10-lakhcrmark/article7983918.ece