Provident Fund (PF)

Also known as: EPF, Employees' Provident Fund

Provident Fund (EPF) is a retirement-savings scheme where employer and employee each contribute 12% of basic wages; it is mandatory for establishments with 20 or more employees.

Of the employer's 12%, 8.33% goes to the Employees' Pension Scheme (subject to a wage ceiling) and the balance to PF. Contributions must be deposited and the ECR filed by the 15th of the following month. Late deposit attracts interest and damages.

Formula

Employee 12% + Employer 12% of basic wages; deposit by 15th of next month

See also

Related terms

EPFOUANECRPF due datePF contribution rate

General information, not tax, legal or accounting advice. Thresholds and timelines change by notification — confirm applicability with your CA, CS, or lawyer.

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