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What is the EPFO (Employees Pension Fund Organization)?
It is a government organization that manages the pension funds of employees of the federal government and their beneficiaries. Its main purpose is to ensure the financial stability of the national economy. The organization is governed by a board of directors made up of representatives of the federal government and the employers.
EPFO is a passbook-type system where the employee makes an initial contribution to the fund. This contribution is then made on a recurring basis, either annually or monthly. The employee's contribution is calculated using his or her salary and a fixed percentage. The employee may also opt to make a one-time payment.
The employee then receives a monthly payment based on his or her previous contribution and any subsequent contributions. The employee may also have the option to receive a payment in a lump sum at the time of his or her retirement.
EPFO is the main pension fund for employees of the federal government. However, it is not the only fund that provides similar services. There are many other funds that provide similar services, either in the form of a passbook-type system or a direct-type system.
EPFO provides a web portal for the public to view his or her pension account and to make any changes that he or she may need to make.
