PF stands for Provident Fund. It is a term related to Financial, Useful Terms and Definitions which we use in daily life but we do not know their full name, Here’s a list of important abbreviations that you should know.
What is full form of PF?
The full form of PF is the Provident Fund. Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments upon leaving their workplace. This differs from pension funds, which have both lump sum and monthly pension payment elements.
Regarding the differences between bonus and provident funds, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan. .
Here you learn the full name and complete information of Provident Fund, if you have questions and answers related to PF, then tell us your thoughts in the comment, know the complete meaning of PF in this article.
retirement savings plan
A provident fund is a mandatory government-run retirement savings scheme used in India, Singapore, and other developing nations. A worker gives a part of her salary to the provident fund and an employer must make a contribution on behalf of the employees.
The employee contributes 12 percent of their base salary along with the cost of living allowance each month to the EPF account. For example: if the base salary is Rs. 15,000 per month, the employee’s contribution will be 12% of 15,000, which is equivalent to Rs 1,800 / -. This amount is the employee’s contribution.
Verification of the PF balance via SMS can be done by sending an SMS to 7738299899 from the registered mobile number. The SMS format is’ EPFOHO UAN. ‘The EPFO will reply to the SMS with the sender’s PF balance.
First, the employer must visit the EPFO employer login page, which is https://unifiedportal-emp.epfindia.gov.in/epfo/#. Next, the employer must enter the username and password, and click ‘Login’.
Employee contribution to the EPF: the employer deducts 12% of the employee’s salary monthly for the contribution to the EPF. All contribution goes to the EPF account. Employer contribution to the EPF: The employer also contributes 12% of the employee’s salary to the EPF.