Provident Fund
A Provident fund is a mandatory, government-managed retirement savings scheme similar to the Social Security Program(SSP). Employees contribute a small amount of their salary and even the company shares an amount on behalf of the employee which can be used by the employee for future use.The Indian Government established this scheme in 1952 established for the benefit and welfare of the employees.Employees Provident Fund is one of the main platforms for saving money for all the people who are working as an employee.
Companies that have employee strength of 20 or more are required to be registered with PROVIDENT FUND (PF) Department. In case there is any delay or issue, some penalties will be charged on the same.
Helpful For Insurance
Interest On The Saved Amount.
PF Can Lead To A Pension In The Futur
It Can Be Helpful For Various Occasions And Situation Needs.
It Can Be Helpful For Various Occasions And Situation Needs.
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