Do you know that Provident Fund is the only investment scheme that provides investment, pension and insurance. The best part is that your employer also has to contribute atleast 12% of your Basic salary+HRA.

1. What is Provident Fund?
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2. Employee Provident Fund (PF) Overview
• Employee Provident Fund or EPF or PF as normally
referred is a retirement scheme for Private sector
employees. 12% is compulsorily deducted from your
salary and 12% is contributed by the employer.
• You may contribute higher % from your salary but
there is no such obligation on the employer.
• The amount accumulated is disbursed at retirement or
VRS. It can be transferred while changing jobs.
• You or your family get pension after the age of 58.
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3. Employee Provident Fund (PF) Overview
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4. • The Public Provident Fund (PPF)is an investment
scheme for any individual (general public). This is a
voluntary can be opened from Post Office or
Nationalised Banks.
• The minimum annual investment is Rs 500 &
maximum investment is Rs 70,000.
• The amount accumulated can be withdrawn after 15
years. You may also extend the maturity by 5 years &
also make fresh deposits during this period.
• There is no pension in this scheme.
PF & PPF are different
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5. Employee Provident Fund (PF) Advances
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6. Employee Provident Fund (PF) Insurance
• Employees are also insured under the Employees
Deposit Linked Insurance Scheme
• The Employer pays for the insurance charges. The
employee does not have to pay for the insurance.
• The insurance amount is payable to the nominee or
family members in case of death of the employee while
in service.
• The insurance amount is subject to a ceiling of Rs
60,000. Accident death benefit ceiling is Rs 1 Lakh.
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7. Employee Provident Fund (PF) Pension
• You are eligible for lifelong pension after the age of 58.
You need not pay for this scheme. The employer's
contribution is used to pay the pension.
• You need to complete 10 years of service. In case of job
change, the PF account has to be transferred & not
withdrawn.
• The legal heir/nominee is eligible for lifelong pension
in case of death of the member.
• The maximum pension is Rs. 3250 per month.
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8. PF Forms for Employees
• Form 19- To claim final settlement at retirement
• Form 20- To claim settlement by legal heir/nominee in
case of death of employee
• Form 10 C- To claim withdrawal advance
• Form 31- To claim temporary withdrawal/advance
• Form 31- To transfer account at time of changing job
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