Labour & Service Law
Provident Fund (PF)
A retirement savings scheme where both employer and employee make regular contributions, accumulated for the employee's benefit.
PF contributions are mandatory for eligible establishments and employees, with both employer and employee contributing a percentage of wages, and the accumulated corpus (with interest) available to the employee on retirement, resignation, or in specific permitted circumstances earlier.
Employers who fail to deposit PF contributions on time can face penalties, interest, and, in serious cases, prosecution.
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