What is EPF scheme??
EPF or Employee Provident Fund is a retirement savings scheme for salaried employees in India. Both employee and employer contribute 12% of the employee’s basic salary and DA each month towards PF.
This accumulated amount earns interest and serves as a financial safety net for employees after retirement or in specific cases like unemployment, medical emergencies or during home purchase.
EPF is managed by the Employees’ Provident Fund Organisation (EPFO), a statutory body under the Ministry of Labour and Employment. There are some tax benefits on contributions and interest earned on PF.