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PF

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Understanding Provident Fund

The Provident Fund (PF) is a vital retirement savings scheme where both employees and employers contribute 12% of the employee’s basic salary and dearness allowance each month. Employees benefit from tax-free interest, currently at 8.15% per annum, and the automatic transfer of PF balances when changing jobs, thanks to recent updates by the Employees’ Provident Fund Organization (EPFO)​ 

The Provident Fund (PF) system in India serves as a crucial financial safeguard for employees, ensuring they have substantial savings for retirement. Contributions are made by both employees and employers, each allocating 12% of the employee’s basic salary and dearness allowance. This collective effort not only builds a significant corpus over time but also earns tax-free interest, currently at 8.15% per annum, enhancing the overall savings. The recent update by the Employees’ Provident Fund Organization (EPFO) has further simplified the process by enabling automatic transfer of PF balances when employees switch jobs, removing the need for manual intervention​ . This streamlined approach, combined with the provision for partial and full withdrawals under specific conditions, underscores the PF’s role in providing financial stability and flexibility to employees throughout their career and beyond.

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