What is Employees Provident Fund(EPF)?
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EPF known as Employees Provident Fund is a social savings scheme which is mandatory for salaried individuals.It has been created to provide old age as well as social security in term of contingencies to the salaried class people in India.
EPF funds are managed by EPFO (Employees Provident Fund Organization) and it is governed by Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
It manages these 3 schemes
1. Employees’ Provident Fund Scheme,1952
2. Employees’ Deposit Linked Insurance Scheme, 1976
3. Employees’ Pension Scheme, 1995
Let us see about the above 3 in the coming posts.