Employees Contributions to EPF

Employees Contributions to EPF

As per the Audited Consolidated Annual Accounts of Employees’ Provident Fund Organization (EPFO) for the year 2014-15, the closing balance of Funds managed by EPFO is Rs. 6,34,174.33 crore.

Regarding EPFO being the eleventh largest pension fund in the world, no such information is available with EPFO.

The fresh accruals in 2015-16 in the three Schemes framed under the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP) Act, 1952 as per the revised estimates is Rs. 1,01,538.54 crore.

The revised estimates for the year 2015-16 are projected to be 13.81 per cent higher than the Budget estimates. The details of revised estimates of the three Schemes are as under:

(i) Employees’ Provident Funds (EPF) Scheme, 1952 : Rs. 71,398.25 crore

(ii) Employees’ Pension Scheme (EPS), 1995: Rs. 29,000.00 crore

(iii) Employees’ Deposit-Linked Insurance (EDLI) Scheme, 1976: Rs 1,140.29 crore.

This information given by Shri Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in reply to a question in Lok Sabha today.