EPF stands for Employees’ Provident Fund. It is a retirement benefits scheme available to employees in India. Under this scheme, both the employer and the employee contribute a certain percentage of the employee’s salary to the EPF account. The contributions are made on a monthly basis, and the amount accumulated in the EPF account earns interest.
The EPF scheme is regulated by the Employees’ Provident Fund Organization (EPFO), which is a statutory body under the Ministry of Labour and Employment, Government of India. The EPF scheme is mandatory for all establishments with 20 or more employees and optional for establishments with fewer than 20 employees.
The primary objective of the EPF scheme is to provide financial security to employees after retirement. However, the EPF scheme also provides other benefits such as partial withdrawal of funds for specific purposes like medical emergencies, education, marriage, or housing. In addition, the EPF scheme provides life insurance and disability coverage to the employees.
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