EPF stands for Employee Provident Fund, which is a retirement savings scheme in India that is managed by the Employees’ Provident Fund Organization (EPFO). The EPFO is a statutory body that operates under the Ministry of Labour and Employment, Government of India, and manages the EPF scheme.
EPF is a retirement savings scheme that is mandatory for most employees in India. Under this scheme, a certain percentage of the employee’s salary is contributed to the fund, which earns interest and grows over time. The employer also contributes an equal amount to the fund. The accumulated amount in the fund can be withdrawn by the employee after retirement or in certain other cases, such as permanent disability, critical illness, or purchasing a house.
On the other hand, EPFO is the organization that manages the EPF scheme. It is responsible for collecting the contributions from employees and employers, maintaining the EPF accounts, and disbursing the accumulated amount to the employees as per the rules and regulations of the scheme.
In summary, EPF is a retirement savings scheme, and EPFO is the organization that manages the scheme. While EPF is a mandatory scheme for most employees in India, EPFO is the body that oversees and regulates the scheme.