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 depends upon the sum of money that they and their employer have contributed to the scheme, in addition to the funding returns which have been earned on these contributions.
EPFs are an necessary a part of the Indian retirement financial savings system. They supply a tax-advantaged manner for workers to avoid wasting for his or her retirement, and so they additionally supply quite a lot of different advantages, resembling life insurance coverage and incapacity protection. EPFs have been in existence in India for over 70 years, and so they have performed a significant position in serving to to offer monetary safety for tens of millions of Indian staff.
