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Employees Provident Fund (EPF) is a retirement savings plan for employees. Every company is required to provide an EPF to its employees, which they can access upon retirement or termination of service. Organizations with a total staff size of more than 20 must register for EPF. Both the employee and the employer contribute to the PF system, which aims to give financial assistance to the employee upon retirement or termination of employment.
PF is one of the most important savings platforms for government, private, and public sector employees. Employees and employers both contribute to a Provident Fund, from which each employee receives a lump-sum payment upon retirement or termination of service.
The Employees' Provident Fund Organisation (EPFO) is in charge of provident fund regulation and management. It is under the Ministry of Labour and Employment's jurisdiction.
Significance of a Provident Fund?
A Provident Fund is a long-term savings account that is used to sustain an employee after they retire. It also represents the employee's job-related advantages. Employees benefit from the Provident Fund because it provides them with a sense of financial security. The major goal of PF, as a retirement-oriented plan, is to help people prepare financially for their retirement years. If it is not required, people should try to avoid early withdrawal of PF.
Following the resignation, there is usually a two-month waiting period before one can withdraw their PF funds. One can withdraw the PF account balance after immediately resigning if they do not take the next job.
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