Finance | Team VisheshBaat | Updated 23-June-2018

EPF is Employee Provident Fund. This is the capital of private or government employees, which is deposited by the employee and the employer as a fraction of the basic salary every month. On the retirement, the employee gets this fund. If the employee wishes, he can also withdraw some money but only after a certain lock-in period.

In EPF, a certain percentage of salary is deposited by the employer and one part is deposited by the employee himself. Now it is 12 percent of basic salary. That is, if your basic salary is Rs10,000 then your employer will deposit Rs1200 and 1200 rupees will be contributing to your EPF monthly from your salary.

EPF works as a boon for people because of the money because slowly and till retirement, enough money gets collected. Insurance is also available with EPF account and interest is received on inoperative accounts. On continuous PF account for 10 years, Employee pension scheme becomes entitled to retirement pension of one thousand rupees. So it is a boon for every employee should take advantage of the EPF.

 
Know your EPF balance by accessing your account on https://epfindia.gov.in/