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The Employees' Provident Fund Organisation (EPFO) holds a pivotal role in India's social security system, dedicated to ensuring the financial security of employees. Operating under the jurisdiction of the Government of India's Ministry of Labour and Employment, the EPFO is entrusted with the regulation and oversight of provident funds in the ...
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
Here "other" signifies other than the Consolidated Fund of India. [1] It deals with the money received by the Indian Government, i.e. state provident funds, various pre-deposits under national small savings fund, depreciation and reserve funds of departmental undertakings, national defense fund, etc. are paid into public accounts. These funds ...
Employees Provident Fund or Employees' Provident Fund refer to: Employees' Provident Fund Organisation, in India; Employees Provident Fund (Malaysia) Employees Provident Fund Nepal; Employees' Provident Fund (Sri Lanka)
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The entire 12% contribution of the employee goes towards the Employees’ Provident Fund Scheme (EPF), while from the employer's share of 12%, 3.67% goes to the Employees’ Provident Fund and 8.33% goes towards the Employees’ Pension Scheme (EPS) along with 1% contribution of the government while 0.5% contribution of the employer goes to the ...
As far as differences between gratuity and provident funds are concerned, 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. Specific provident funds include: Employees' Provident Fund Organisation, India's statutory retirement plan
On 10 December 2018, the Government of India made NPS an entirely tax-free instrument in India where the entire corpus escapes tax at maturity; the 40% annuity also became tax-free. [11] Any individual who is a subscriber of NPS can claim tax benefit for Tier-I account under Sec 80 CCD (1) within the overall ceiling of ₹1.5 lakhs under Sec 80 ...