An employer provident fund (EPF) is a retirement financial savings scheme in India that’s managed by the Workers’ Provident Fund Organisation (EPFO). It’s a outlined contribution scheme, which signifies that the sum of money that an worker receives at retirement is determined by the sum of money that they and their employer have contributed to the scheme, in addition to the funding returns which were earned on these contributions.
EPFs are an essential a part of the Indian retirement financial savings system. They supply a tax-advantaged means for workers to avoid wasting for his or her retirement, and so they additionally provide quite a lot of different advantages, akin to life insurance coverage and incapacity protection. EPFs have been in existence in India for over 70 years, and so they have performed a serious function in serving to to supply monetary safety for hundreds of thousands of Indian employees.
