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.

1. 1. The EPF Amount So Collected Can Be Withdrawn At The Time Of Retirement Or In Special Cases Before The Time Of Retirement.
2. 2. In Case Of Death Of The Employee, The Amount Can Be Claimed By Their Dependents Also.
3. 3. The EPF Amount Can Be Tax-Free Saving When It Is Withdrawn After A Certain Time Period As Defined By Law.

There are many more benefits to an employee connected with EPF. The establishment who is having 20 or more employees has to mandatorily register their firm, company, or any entity under the Act. The amount so contributed will go to the separate account of the employee. Each member who is eligible and whose contribution will be deducted every month will be allotted UAN (Universal Account Number). The threshold limit for a mandatory employee is Rs. 15,000 per month.

Compliance: The employer, who is registered under thew Act, will have to submit the returns every month and the Last date to file the EPF return is the 15th day of every following month. Non-filling results in the issuance of inspection notice from the department side.