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The Employees' Provident Fund Organisation (EPFO) is one of the two main social security agencies under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance.
Central sector scheme actual spending in 2017-18 was ₹ 587,785 crore (equivalent to ₹ 6.6 trillion or US$77 billion in 2023), [8] in 2019-20 it was ₹ 757,091 crore (equivalent to ₹ 8.5 trillion or US$99 billion in 2023) while the budgeted amount for 2021-22 is ₹ 1,051,703 crore (equivalent to ₹ 12 trillion or US$140 billion in 2023 ...
The entire 12% contribution of the employee goes towards the Employees’ Provident Fund Scheme (EPF), while from the employer's share of 12%, 3.67% goes to the Employees’ Provident Fund and 8.33% goes towards the Employees’ Pension Scheme (EPS) along with 1% contribution of the government while 0.5% contribution of the employer goes to the ...
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
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India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension (now open for all) and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for private ...
The scheme is administered by the Ministry of Rural Development, Government of India. It is fully funded by the Central Government, unlike some other welfare programs where the Union government shares costs with the State Governments. Allocation of funds for NSAP by Government of India between 2009–10 and 2014–15 (in Crore Rs.): [9]
India has a quasi-federal form of government, called "union" or "central" government, [45] with elected officials at the union, state and local levels. At the national level, the head of government , the prime minister , is appointed by the president of India from the party or coalition that has the majority of seats in the Lok Sabha .