The Provident Fund(PF) is a government-managed savings scheme designed to ensure financial security for employees after retirement. It involves a compulsory contribution from both the employer and the employee, which accumulates over the years with interest. This fund not only provides a safety net for employees in their post-retirement years but also offers tax benefits, making it a prudent financial planning tool. By contributing to a Provident Fund, employees can build a substantial corpus to support their future needs, ensuring peace of mind and financial stability.
The current PF interest announced for Financial year 2023-24 is 8.25% per annum.