What is PF, EPF, EPFO Full Form

What is PF, EPF, EPFO Full Form

What is PF, EPF, EPFO Full Form

If you do a private company or government job, then you must have heard words like pf, epf or epfo from somewhere. In this post, what is pf, what is the full name of Pf.

Employee Provident Fund (EPF)

The full form of PF is Provident Fund , it is also called EPF, the full form of EPF is Employees Provident Fund , which is called Employees Provident Fund in Hindi. Employees Provident Fund
(EPF) is a type of savings scheme or investment called Employees Provident Fund. Act, 1952 was started under. And it is administered and managed by the Central Board of Trustees. The main objective of EPF is to encourage the employees to save so that they can use the savings made by them after retirement.

Employees Provident Fund (EPF) is maintained by EPFO ​​(Employee Provident Fund Organization). According to the rules of the Employees Provident Fund Act, 1952 (EPF ACT 1952), the company under which there are 20 or more than 20 employees, it is mandatory to be registered in EPFO ​​(Employee Provident Fund Organization) .

How much % is PF deducted?

Employees Provident Fund or EPF is a fund in which 12% of the employee’s salary is deposited on a monthly basis and an equal amount is also deposited by the company i.e. an amount equal to 24% of the total monthly salary of the employee. (EPF) which can be withdrawn by the employee after retirement

Is it mandatory for everyone to have PF?

At present, it is mandatory to give EPF to the company which has 20 or more than 20 employees and PF is mandatory for the employees whose salary is 15 thousand or less and employees with more than 15 thousand salary can take PF as per their wish or Can’t even take it.

Benefits of Employees Provident Fund (EPF)

  • 12% investment in epf is done by the employee and the same amount is done by the company, that means the investment made by you gets doubled directly.
  • Interest is also more (7 to 10%) on the amount of PF, this interest is determined annually.
  • Even after retirement through PF, funds are available to the employees to meet their needs.

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