Question

Briefly explain the following:

EPF

Answer 1

The Employee Provident Fund (EPF) is a savings scheme for employees in which both the employee and the employer contribute a fixed portion of the salary. The total amount accumulated in the fund is paid to the employee in cases of retirement, resignation, or death. Employees can also take advances and make permanent withdrawals from the fund after 15 years of service for purposes such as house construction, children’s higher education, and other needs. EPF helps provide financial security to employees after retirement.