Provident Fund, a Social Security Benefit for employees ensured by the Government of India. The idea is to contribute a certain amount on a monthly basis to a PF Fund during an employees tenure of work for it to serve as a backup upon retirement. This act is a major chunk of the Labor 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.