EPFO is a government-run social security scheme that aims to promote financial security among all employees and reduce the disparity between the rich and poor. Here are some ways in which the EPFO scheme is helping to reduce the disparity between the rich and poor:

Forced savings: EPFO mandates contributions from both employees and employers, which helps poor people to build a retirement corpus and accumulate wealth over time.

Pension benefits: EPFO provides pension benefits to employees, which ensures that they have access to a retirement corpus and are not left financially vulnerable in their old age.

Access to loans: EPFO allows employees to withdraw from their provident fund for various purposes, including buying a house or funding their education, which helps poor people to increase their income and improve their standard of living.

Social security: EPFO provides social security by ensuring that employees have access to a retirement corpus and are not left financially vulnerable in their old age.

By providing forced savings, pension benefits, access to loans, and social security, EPFO is helping to reduce the disparity between the rich and poor by promoting financial security and equal opportunities for all employees, regardless of their socioeconomic status.