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PROVIDENT FUND ACT 1952 - SUBMISSION & WITHDRAWAL

A Provident Fund is a scheme developed by the Central Government which gives financial security to employees after their retirement. It is the part of employee salary structure. As per the scheme, a percentage from employee's salary is deducted and added to his provident fund account every month and his employer would also require contributing the same percentage of the amount to the employee's provident fund account. In India, there are three types of provident funds, i.e., Public Provident Fund for the public, Employees Provident Fund (EPF) for private sector employees and General Provident Fund (GPF) for Government employees.

The Employee Provident Fund (EPF) is governed by Employee Provident Fund Organization (EPFO), a statutory body under (Labour Ministry) Ministry of Finance, India. It helps private sector employees to save a small portion of their salary every month. This scheme helps them to fabricate a corpus which is duty excluded for use in the fag end of their lives or retirement. Employee Provident Fund is a long haul reserve funds apparatus, fundamentally went for a calm retirement, salaried representatives may pull back their cash in their EPF record to take into account diverse budgetary prerequisites or at the season of any real life occasions, for example, weddings, home remodel/adjustment and medicinal treatment among others. The amount is deposited at the Employee Provident Fund Organization (EPFO). The investments made by a number of employees are pooled together and invested by a trust. EPF covers following three schemes.

  • Employees' Provident Fund Scheme, (EPS) 1952
  • Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971) (EPS).
  • Employees' Deposit Linked Insurance Scheme, (EDILS) 1976.