The Employees' Provident Fund Organisation (EPFO) is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme.
Employers can own private PF schemes, subject to certain conditions prescribed under the Employees Provident Funds and Miscellaneous Provisions Act, 1952. These trusts are regulated by the Employees’ Provident Fund Organisation (EPFO). These private EPF trust are required to seek approval under the Income-tax Act, 1961 for employees to get tax benefits
The PF Trust may frame their own rules and regulations for maintenance of PF accounts but such rules and regulations are supposed to be based on relevant PF rules.
The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Plan Scheme has been designed to incentivise employers for generation of new employment, where Government of India will be paying the 8.33% EPS contribution of the employer for the new employment.