provident fund

A provident fund is a savings scheme primarily used for long-term financial security. Both employees and employers contribute a set percentage of the employee's salary regularly. These contributions accumulate over time, earning interest, and can be withdrawn upon retirement, resignation, or specific emergencies. The fund ensures that individuals have financial support after their working years or in case of unforeseen situations. It promotes disciplined savings and provides a secure pension-like benefit, fostering financial stability for workers during their later years.