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The Public Provident Fund (PPF) is a voluntary savings-cum-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968.
Provident fund is another name for pension fund.Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
The employer of every employee to whom this Act applies shall be liable to pay an amount equal to three per centum (3%) of the total earnings including Wages, salary or fees, Cost of living allowance, special living allowance and other similar allowances, Payment in respect of holidays, The cost value of cooked or uncooked food provided by the employer to employees, Meal allowance and Any ...
The company had registered only 17 employees under Employee Provident Fund (EPF) despite employing 3165 people then. It had not paid EPF to employees for several years. The EPFO ordered the company to deposit ₹ 16.6 crore (US$2.0 million) with 12% annual interest and 25% annual damage penalty. [20] [21] [22] [23]
Employer or employee can have access to their scheme in SSF (Nepal) using either web or mobile applications. To provide easier means to access, SSF released its android application on Aug 14, 2022 [ 8 ] and IOS application.
EPF may refer to: .epf, a file extension for CadSoft Eagle project files; Early pregnancy factor; Eclipse process framework, an open source project; Electricity price forecasting; Employees Provident Fund (disambiguation) Endangered Planet Foundation, an American conservation organization; Ensuring Positive Futures, a British employment program
As of March 2024, it had a network of 545 branches and 395 ATMs across 28 states and union territories. It has 12,473 employees. [10] [11] [12] The bank also has a network of 1,272 business correspondent branches, of which 952 are managed by RBL Finserve Limited, a wholly owned subsidiary of the Bank.
Government employees in the union government in 56 ministries [1] and departments under latter as of 1 July 2023 has 48.67 lakhs working employees and 67.95 retired employees on rolls. [2] [1] [3] Indian Railways with 1.3 million employees has highest number of employees in union government. [4]