About Provident Fund

The Provident Fund (PF) is a social security scheme designed to provide financial stability to employees during retirement and other life events. It involves both employee and employer contributions, typically deducted from the employee's salary. These contributions accumulate with interest over the employment period, offering tax benefits and serving as a long-term savings avenue. Withdrawals are allowed for specific purposes like buying a home or covering medical expenses. Employers play a pivotal role in administering the scheme and ensuring compliance with regulations. Provident Funds are usually overseen by government bodies or statutory organizations to safeguard contributors' interests and ensure fair management of funds. The scheme's portability allows employees to transfer their PF accounts seamlessly when changing jobs, fostering financial security and stability for the workforce.