What is Provident Fund?
A Provident fund is a mandatory, government-managed retirement savings scheme similar to the Social Security Program(SSP). Workers contribute a small amount of their salary and even the company shares an amount on behalf of the worker which can be utilized by the employee for future use.
The Government established this scheme in 1952 established for the benefit and welfare of the employees.
Employees Provident Fund is one of the main platforms for saving money for all the people who are working as an employee.
Companies that have employee strength of 20 or more are required to be registered with PROVIDENT FUND (PF) Department. In case there is any delay or issue, some penalties will be charged on the same.