Provident Fund, a Social Security Benefitfor employeesensured by the Government of India. The idea is to contribute a certain amount on a monthly basis to a PF Fund during an employeeâ€™s tenure of work for it to serve as a backupupon retirement. This act is a major chunk of theLabour Welfare legislation enacted by the Parliament applicable to companies with 20 employees or more to be registered with the PF dept.Currently, the Act and the Schemes basically provide 3kinds of benefits-
- Contributory Provident Fund,
- Pensionary benefits to the employees,
- Family members Insurance cover for the members of the Provident Fund.