Provident fund meaning: Provident fund (PF)

Provident fund (PF), also called pension fund, is a term that confuses many working individuals. Read on to learn the meaning of a provident fund, its benefits and different account... A provident fund is a government-managed, mandatory retirement savings scheme used in India, Singapore, and other developing nations. These funds also share some characteristics with pension funds provided by employers. What Is a Provident Fund? A Provident Fund, often referred to as a pension fund in some countries, is a government-managed savings scheme that aims to provide long-term financial security for workers upon their retirement. The structure of this fund involves regular contributions from both the employee and the employer, with the accumulated funds released to the employee upon retirement or under other specified circumstances. Although variations of retirement savings schemes exist worldwide ... Employee Provident Fund (EPF) is a core concept in personal finance. Understand its definition, benefits, and explore the latest EPF trends here.