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Definition of provident fund?

Kevin Sutter

in Student Loans

1 answer

1 answer

Victoria Fowler on November 19, 2018

The EPF is created by the Employees Provident Fund Organization (epfo) of India, an agency of the Government of India by virtue of the power of Labour and Employment Ministry. States that a organization that has 20 or more permanent employees on its payroll, should register with the epfo. A Provident Fund is a fund that is created, through contributions, to provide financial support to individuals in their future (Specifically for post-retirement). The Employee Provident Fund is a fund. Contributions are made on a monthly basis, by employees and employers, which encourages employees to save a portion of your salary each month. The investments made by millions of employees across India are pooled together and invested by a trust. The EPF is a tax free investment instrument for the salaried class. The interest earned on it is tax free, and returns are also not paying taxes. You also get a deduction under Section 80C contribution towards the EPF.

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