Provident Fund is regulated by the Employees Provident Fund & Miscellaneous Provisions Act, 1952. The department comes under the Ministry of Labour & Employment, Government of India.
The organization which is taking care of the funds is the Employees Provident Fund Organization. The purpose of the Employees Provident Fund (EPF) is the saving for the future. The sole intention is to help the employees to save a fraction of their salary every month which can be used at the time of retirement to their dependents. The contribution towards EPF is from the part of both employer and employee at a percentage of 12%. The amount so deducted from the gross salary of the employee at the rate of 12% every month and the same contribution will be contributed from the part of the employer.