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Provident Fund (PF)

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Santhosh Kumar 28/06/2023
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Provident Fund (PF) Context EPFO extends deadline for higher PF application Provident Fund (PF) details Fixed money contributed by employees until retirement Provides lump sum or monthly payments at retirement Regulator: EPFO in India Benefits of PF Investment opportunity at retirement Aids in personal and financial needs Types of Provident Funds Employees Provident Fund (EPF) Most popular in India Applicable to businesses with more than 20 employees Employee and employer contributions EPF benefits High interest rates Employer matches employee contribution Lump sum on retirement Partial withdrawals allowed Maturity on retirement Tax-free if employed over 5 years Public Provident Fund (PPF) Savings scheme available to all Indians Eligibility: Any resident of India Deposit range: ₹500 - ₹1.5 lacs per year Tax-free on maturity Different from EPF PPF: Savings scheme EPF: Offers pension benefits General Provident Fund (GPF) Also known as Statutory Provident Fund Available only for government servants Eligibility: Permanent employees, re-employed pensioners, temporary employees (with 1 year service) 6% of monthly salary contributed to GPF Interest rate between 7-8% EPFO Established in 1952 Ministry of Labour & Employment Based in New Delhi Manages PF and pension accounts of member employees Implements Employees’ Provident Fund and Miscellaneous Provisions Act, 1952

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