Overview:
· A mandatory savings scheme for employees in India to help them save for retirement.
· Both employer and employee contribute 12% of the employee’s basic salary.
· Contributions are deposited in the EPF account of the employee, which earns interest.
· Employers with 20 or more employees must register for PF.
PF (Provident Fund) is a retirement savings scheme where both the employee and employer contribute a portion of the salary every month.