What is PF?
Employee Provident Fund (EPF) is another name for Provident Fund (PF). All salaried people who retire get financial benefits under the Provident Fund or EPF program. The Employee Provident Fund Organization (EPFO) of India keeps an eye on the PF system. Any organization or business with more than 20 employees is required to register with the EPFO. All salaried workers are thought to benefit greatly from this plan in terms of receiving a lump sum payment upon retirement.
History of PF
The Employee's Provident Fund and Miscellaneous Act, which was passed in 1952, established the EPF or PF (Provident Fund) program. The Employee Provident Fund Organization has established all of the rules and regulations. The Ministry of Labour and Employment oversees the EPFO's operations. In this method, the company will deduct money from the employee's monthly salary. Both the employer and the employee contribute 12 percent of the basic salary to the EPF account as soon as the employee begins working for the company. The D.A (dearness allowance) paid by the employer is also included in this wage.
Important Factors Regarding Provident Fund (PF)