An employer provident fund (EPF) is a retirement financial savings scheme in India that’s managed by the Staff’ Provident Fund Organisation (EPFO). It’s a outlined contribution scheme, which implies that the amount of cash that an worker receives at retirement will depend on the amount of cash 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 necessary a part of the Indian retirement financial savings system. They supply a tax-advantaged method for workers to avoid wasting for his or her retirement, and so they additionally provide quite a lot of different advantages, similar to life insurance coverage and incapacity protection. EPFs have been in existence in India for over 70 years, and so they have performed a significant function in serving to to offer monetary safety for tens of millions of Indian staff.
