PF is the general term term used to mean provident fund whereas in the context of employees working in establishments other than government departments or under the direct control of government the provident fund means Employees Provident Fund or EPF. In a normal talk PF means EPF also.
The EPF is of contributory in nature with employees share of 12% and employer's share of 12%. The benefit to the employees is that with every 12% contribution he makes, he is getting another 12% by the employer also.However, out of the employer's contribution of 12%, 8.33% is put in Pension fund which is utilised to pay pension to employees who attain the age of 58 with a minimum service of 10 years. At the same time, one who does not complete his 10 years of service would get the benefit of withdrawal of this pension fund also.
Regards
Madhu.T.K
From India, Kannur
3891The EPF is of contributory in nature with employees share of 12% and employer's share of 12%. The benefit to the employees is that with every 12% contribution he makes, he is getting another 12% by the employer also.However, out of the employer's contribution of 12%, 8.33% is put in Pension fund which is utilised to pay pension to employees who attain the age of 58 with a minimum service of 10 years. At the same time, one who does not complete his 10 years of service would get the benefit of withdrawal of this pension fund also.
Regards
Madhu.T.K
From India, Kannur
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls