Provident Fund is an acronym for Provident Fund. It is a plan that allows salaried workers to contribute during their working years and receive the advantages after their retirement. It is a government-managed pension fund plan for employees who can deposit a portion of their monthly savings to their retirement account. EPFO oversees the entire procedure (Employees Provident Fund organization). Any company with much more than Twenty workers is eligible for PF and is required to enroll with the EPFO.
The EPF Organization establishes all rules and regulations.
Employees and employers both contribute to the PF fund. In the name of the employee, the contributions are accumulated in the provident fund. Employer contributions are equal to 12% of the basic pay plus DA (Dearness Allowance).
The EPFO’s key aims are listed below:
Provident Fund is a government-managed retirement Savings Scheme for employees who can contribute a part of their pension fund every month.
Yes a person can easily check the balance of PF by just visiting EPFO portal.
One can withdraw the full PF balance if he/she has been unemployed for at least 2 months or else if the joining date of the new job is more than 2 months after the last working day of the previous company.
An employee can perform UAN activation at the UAN member portal.