An employer provident fund (EPF) is a retirement savings scheme in India that is managed by the Employees’ Provident Fund Organisation (EPFO). It is a defined contribution scheme, which means that the amount of money that an employee receives at retirement depends on the amount of money that they and their employer have contributed to the scheme, as well as the investment returns that have been earned on those contributions.
EPFs are an important part of the Indian retirement savings system. They provide a tax-advantaged way for employees to save for their retirement, and they also offer a number of other benefits, such as life insurance and disability coverage. EPFs have been in existence in India for over 70 years, and they have played a major role in helping to provide financial security for millions of Indian workers.
