It is a scheme for the benefit of employees,
In this scheme ,
- Certain amount is deducted from employee salary .
- Some amount is also contributed by Employer(Company)
- Both Employer and Employee Contrubution is invested
- Every year Interest is earned on amount Contributed.
- Whole Amt (Employer+ Employee + Interest) is received later on retirement etc
Types of Provident Funds
It is of different types as mentioned below:-
- Statutory PF
- Recognized PF
- Unrecognized PF
- Public Provident Fund