1st November is observed as the foundation day of the Employees’ Provident Fund Organisation.

The day marks the roll out of the Employees’ Provident Fund Scheme on 1st November 1952. This was the first social security scheme under the EPF Act.

Beginning its journey with a few lakh beneficiaries, the EPFO now services more than 4.5 crore employees, who are engaged in around 6 lakh contributing establishments.

With over 63 lakh pensioners, the EPFO is the 21st largest pension fund globally.

Recent e-governance initiatives of online coverage of establishments, online grievance redressal and online filing of claims backed by Universal Account Number have all generated a huge trust in public service delivery.

It is noteworthy that more than 50% claims in EPFO are preferred through online mode, indicating a wide acceptance in just one year of its rollout.

In Depth today takes a look at this unique institution that safeguards the vital life savings of lakhs of people and how it is one of the most widely-used investment schemes by the salaried class.

Anchor - Aditi Girotra

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