Employees provident fund mainly assists the Central Board in administrative control of the Ministry of Labour and Employment, Government of India. Provident Fund Scheme is a Pension Scheme and an Insurance Scheme for the workers working in the organized sector in India under act 1952.it is largest organization in India and this scheme covers for national and international workers who working under Indian organizations.
EPF is given for workers to get labor safety, which workers or labors must contribute some amount of their monthly salary as per EPF and employers will contribute amount of the workers according to workers salary to EPFO. The deposited Money in the EPF is then paid to workers after retire or/and in some cases if they cannot work also. Employee Provident Fund is a very important for workers of retirement planning.
There is no tax for this fund and good growth of your money.EPF retirement benefit scheme is only for all salaried employees who working in an organized sector. This fund is controlled and maintained under by the Employees Provident Fund Organization of India (EPFO).
It is mandatory to law of register in EPFO if any organized sector having 20 or more employees. Employees’ provident fund to which an employee and employer gives 12 percent every month according to their salary
Mainly is that if a pension fund employee is retires than he will gets one third of the total benefit in a cash by the EPF and the other two-thirds is paid to the employee in the form of a pension over the rest of the his life. A provident fund employee can get the full benefit amount paid in cash when he gone to apply to the EPFO after some duration or the organization contract completes.
Provident fund is a long term investment for the salaried employees with tax free and It is guaranteed to employees will get the interest on theirs principle amount by the ministry of labor according to the government of India.