Provident Fund

Provident Fund and its types

PROVIDENT FUND: Provident fund  is a measure for social security for workers in the organized sector.   This facility is also available to individuals and other organizations on an optional basis. If an organization has more than 19 employees this Act applies with certain conditions as laid out in the PF Act.  Temporary employees also are to be counted.  However, casual labour need not be counted as employees. 

Types of Provident Fund: There are four types of Provident Fund – Statutory Provident Fund, Public Provident Fund, Recognised Provident Fund & Unrecognised Provident Fund.  We will discuss these separately. 

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