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Provident Fund (PF)

Santhosh Kumar 28/06/2023

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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Tags: 28.06.2023, Newsbits

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