Need A Financial Product Forums Tax Savings What is Employee Provident Fund (EPF)?

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    What is Employee Provident Fund (EPF)?


    Employee Provident Fund or the EPF is a benefit scheme for the employees of a particular company, as set by a legislative body of the government. It basically offers benefits to an employee in terms of medical help, retirement savings, providing for the education of children, supporting for insurance and housing facilities. With respect to India, the Employees’ Provident Fund Organization (EPFO) takes care of the various rules and regulations pertaining to this scheme. This body is functional under the Ministry of Labour and Employment. A certain percentage of the employee is deducted as the EPF amount from the monthly salary which he is entitled to. The same amount money is to be put in by the employer in the EPF account of the employee. Employees can also avail loan for various mentioned purposes from this account.

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