A Provident Fund (PF) is a retirement savings scheme, common in countries like India, where employees and employers contribute a percentage of salary for future benefits.
- What is a provident fund (PF)?
Answer: It is a retirement savings scheme with employee-employer contributions. - What is the contribution rate?
Answer: In India, it is typically 12% of basic salary from both parties. - Who manages it?
Answer: A government body or trust manages it (e.g., EPFO in India). - What are the benefits?
Answer: It provides retirement income and financial security. - How does HR handle it?
Answer: HR deducts contributions and submits them to the fund.
