PF stands for Provident Fund. Provident Fund means a government managed retirement benefits scheme available for all the salaried persons.
In countries like India, PF is a mandatory retirement savings scheme for salaried employees. It is similar to Social Security Program of United States.
EPFO(Employees Provident Fund Organization of India) manages the Provident fund in India
12% of the employee’s basic salary is contributed every month from his/her salary along with 3.67% of basic salary is contributed by the employer to provident fund.
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