The Employees' Provident Fund (EPF) is a savings scheme for employees who are working for organizations that come under the Employees' Provident Fund Organisation (EPFO).
Under the EPF scheme, an employee must make a contribution to the scheme, and the employer must make an equal contribution.
On retirement, the employee receives a lump sum payment that includes both their own and the employer's contributions, as well as interest on both.
Here are the key highlights of EPF
Interest rate is 8.15% p.a. for FY 2023-24 Wage ceiling is Rs.15,000 Mandatory for organisations with over 20 employees