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What is EPF?
EPF (Employees’ Provident Fund) is a statutory social security scheme managed by the Employees’ Provident Fund Organisation (EPFO) under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, aimed at providing financial security and retirement savings to employees working in covered establishments.
Key Features of EPF
- Monthly contributions from both employer and employee
- Tax-free interest and withdrawals (subject to conditions)
- Lump sum payment at retirement, resignation, or death
- Partial withdrawals allowed for specific needs (e.g., housing, medical, education)
- Universal Account Number (UAN) for portability and online access
Note: EPF registration is mandatory for establishments employing 20 or more employees.
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