A provident fund is a compulsory, government-managed retirement savings scheme similar to the Social Security Program. Workers contribute a small amount of their salary and even the company shares an amount on behalf of the worker which can be utilized by the employee for future use.
The Government in 1952 established for the benefit and welfare of the employees.
Employees Provident Fund is one of the major platforms for savings for all the people who are working as an employee.
Companies which have employee strength of 20 or more are required to be registered with PF Department. In case there is any delay, some penalty will be charged on the same.