EPFO Foundation Day 2024 (1st November), Theme & History

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72nd EPFO Foundation Day 2024

The 71st Foundation Day of EPFO was inaugurated at Bharat Mandapam by Union Minister for Labour & Employment, Environment, Forest & Climate Change, Shri Bhupender Yadav, on 1st November through a virtual platform. He extended his congratulations to everyone in attendance. Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas, Smt. Arti Ahuja, Secretary Labour & Employment, Smt. Neelam Shami Rao, Central P F Commissioner, and Dr. Rajendra Kumar, Director General, ESIC, were also part of this significant event.

EPFO Foundation Day Theme 2024

As of today, the theme for the EPFO Foundation Day 2024 has not been announced yet.

Download August 2024 BOLT PDF (Current Affairs)

Major Attractions of the Event

During this event, the Minister of State unveiled several significant publications and initiatives. This included the second edition of the State Profile Booklet 2023, Establishment e-Report, Compendium of 50 Landmark Judgments, and manuals covering the Communication Framework Document, Audit Manual, Recovery Manual, and Exemption Manual.
In a virtual ceremony, the Minister of State laid the Foundation Stone for the Regional Office building in Behrampore, Odisha. He also inaugurated the Regional Office building in Tumkur, Karnataka, with the presence of Shri G. S. Basavaraj, Hon’ble MP, and Shri G.B. Jyothi Ganesh, Hon’ble MLA, Tumkur at the site.
Additionally, a new Head Office Building in Kidawai Nagar, New Delhi, was inaugurated through a virtual ceremony.
The event featured a film highlighting the journey of training EPFO officials as part of Mission Karmayogi@EPFO Training & Capacity Building.

Bhavishya Nidhi Award 2023

The function also marked the distribution of awards to various offices and establishments: –

S.No.	Award Category	Winner
1	Best Regional Office (Large)	RO COIMBATORE
2	Best Regional Office (Small)	RO Rajahmahendravaram
3	Best District Office	DO ALIGARH
4	Best Remote Office	RO GUWAHATI
5	Best Zonal Office	ZO HUBLI (KARNATAKA- GOA)
6	Best Office in Grievance Management	RO AHMEDABAD
7	Best Office in Pro-Active Settlement	RO KOLLAM
8	Best Performance in Jeevan Pramaan	RO VATWA
9	Best NAN 2.0 Campaign	RO JAMMU
10	Swachhata Award 2023	RO BHOPAL
11	Best Innovation	RO NOIDA
12	Best Tech Intervention	Technical Team of NDC
13	Best Achievement in Capacity Building	PDNASS Induction Training Team
14	Best Exempted Trust	M/s ZENSAR TECH LTD (PUPUN000398)
15	Outstanding Sports Achievements	ZO Chennai & Puducherry
16	Sportsperson of the Year – Female	Ms. Radhika Gupta, SSSA, RO Kandivali East
17	Sportsperson of the Year – Male	Shri Clement Augustine, SSSA, RO Kottayam Shri P. Shiva Kumar, SSSA, RO Chennai North

Other Important Days in November 2024

History of EPFO

The Employees’ Provident Fund Organisation is a statutory organization established by the Government of India in 1951 to administer the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The EPFO is one of the world’s largest social security organizations in terms of membership and financial transactions.

It plays a vital role in providing social security to millions of Indian workers. It is also a major contributor to the Indian economy, as it mobilizes billions of dollars in savings each year.

Schemes under EPFO

Employees’ Provident Fund (EPF) Scheme: This scheme provides provident fund benefits to eligible employees.
Employees’ Pension Scheme (EPS): This scheme benefits-eligible employees after retirement.
Employees’ Deposit Linked Insurance Scheme (EDLI): This scheme provides life insurance benefits to eligible employees in the event of their death.

The EPFO is governed by a Central Board of Trustees (CBT), which is tripartite and consists of representatives of the government, employers, and employees. The CBT is responsible for framing policies and guidelines for the administration of the EPFO schemes.

The EPFO has a network of over 200 regional and sub-regional offices across India. These offices provide services to members of the EPFO schemes, such as registration, contribution collection, processing of claims, and settlement of benefits.

Benefits

The EPFO schemes provide several benefits to eligible employees, including:

Provident fund benefits: EPF members are entitled to a provident fund at their retirement, resignation, or death. The provident fund is a retirement savings scheme that helps members to accumulate savings over time.
Pension benefits: EPS members are entitled to a pension at the time of their retirement or death. The pension is a monthly income that helps members to maintain their financial security in retirement.
Life insurance benefits: EDLI members are entitled to a life insurance benefit in the event of their death. The life insurance benefit is paid to the nominee of the deceased member and helps to provide financial support to the member’s family.

Eligibility

The EPFO schemes are available to eligible employees of establishments that employ 20 or more employees. However, there are some exceptions to this rule. For example, certain types of establishments, such as government establishments and educational institutions, are not covered by the EPFO schemes.

How to register for EPFO schemes

Employees can register for EPFO schemes through their employer. The employer is responsible for registering the establishment with the EPFO for deducting contributions from the employees’ salaries and remitting them to the EPFO.

How to claim EPFO benefits

Employees can claim EPFO benefits online or offline. To claim EPFO benefits online, employees can visit the EPFO website and log in to their UAN account. To claim EPFO benefits offline, employees can visit their nearest EPFO office and submit a claim form.

The EPFO plays a vital role in providing social security to millions of Indian workers. It is also a major contributor to the Indian economy.

1st November 2024 Special Day

EPFO Foundation Day, commemorated annually on November 1st, acknowledges the pivotal role of the Employees’ Provident Fund Organization in offering social security to countless Indian workers. This occasion includes the distribution of the prestigious Bhavishya Nidhi Awards to various offices and establishments. The EPFO stands as a significant contributor to the Indian economy, mobilizing substantial savings annually, thus playing a crucial role in shaping the financial landscape of the nation.

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