The Employees' Provident Fund (EPF) is a retirement benefits scheme for salaried employees in India, managed by the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment.
It's a mandatory savings scheme where both employer and employee contribute 12% of the employee's basic salary plus dearness allowance each month. The accumulated amount, along with interest, is paid to the employee at retirement or under specific circumstances.
Current PF Interest Rate: 8.15% per annum (FY 2023-24) | Contribution: 12% from both employee and employer