Employees' Provident Fund Act

The Employees' Provident Fund Act is a law that requires employers and employees to contribute a portion of the employee’s salary to a savings fund called the Provident Fund. This fund is designed to provide financial security after retirement, or in cases of unemployment or emergencies. Both parties typically contribute equally, and the accumulated amount earns interest over time. The fund is managed by government authorities, ensuring transparency and safety. Essentially, it helps workers save systematically for their future and provides a safety net during unforeseen financial difficulties.